At the Social Security Subcommittee's hearing, the focus was also on three specific proposals: cutting the Social Security cost-of-living adjustment by adopting the "chained" Consumer Price Index, raising the eligibility age, and increasing the cap on income subject to the payroll tax. Support for each proposal was mixed, and while experts on the panel spoke with a sense of urgency, no real consensus was evident among Members of the Subcommittee..Late this week, lawmakers in the House and Senate adjourned for a seven-week summer recess. They are expected to return to Capitol Hill following the Labor Day holiday, on September 6th. In the meantime, most Members of Congress will be holding town hall meetings in their home states and districts, presenting constituents with an excellent opportunity to have their most pressing questions answered before the looming elections..While TSCL strongly agrees that the time has come for Congress to take action on Social Security and Medicare, we question whether rescue committees would work as desired. Over the past 25 years there have been numerous committees and commissions that developed contentious plans to change Social Security and Medicare. None have been successful in getting their plans adopted as major legislation..Check with your Medicare health plan, supplement, or other insurance - like coverage through an employer. Often your insurer can tell you why a bill has been denied, and, more importantly, what you need to do to get the bill paid..The "Gang of Eight's" proposal is now in the hands of the full Senate, and Majority Leader Harry Reid has said he will bring the bill to the floor in June. Until then, TSCL will continue to monitor the evolving negotiations, and we will post updates here in the Legislative News section of our website.."Given that conditions like Alzheimer's disease are defined mainly by memory problems, our results may lead to further insight into what causes symptoms and the development of new interventions for prevention. Since silent strokes and the volume of the hippocampus appeared to be associated with memory loss separately in our study, our results also support stroke prevention as a means for staving off memory problems," said Brickman..Sudden price spikes in older drugs are putting patients at risk of going without vital medicine. A new report by the U.S. Senate Special Committee on Aging uncovered an insidious business model that's leading to monopoly pricing power and astronomical price increases..With people living longer, retiring too early means potentially leaving tens of thousands in retirement income behind. Who can afford to do that? If you haven't started benefits yet, beware of the anchor effect, and remember that age 70 is the age to get your maximum retirement benefit. Individual circumstances vary though. It's a good idea to get professional help if you can, to take your time to learn about your benefits, and to decide the best age for you to start benefits. This is an important decision. It pays to take your time. To learn more about the "anchor effect," read "What Was I Thinking?".On Wednesday, Marilyn Tavenner, acting Administrator of CMS since 2011, was confirmed by the Senate with an overwhelming vote of ninety-one to seven. She is the first CMS Administrator to be confirmed by the legislative body in over nine years, but her confirmation did not come easily. Earlier this year, two Senators placed holds on her confirmation, delaying the process significantly.

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This year, for the first time since the early 80's, the Social Security Trust Fund that pays retirement and survivors benefits fell into deficit and is paying out more than it receives in payroll taxes and taxes on Social Security benefits. In years in which there was an excess of Social Security taxes, the federal government used the surplus revenues for other purposes and then credited the Trust Fund with special non-marketable government bonds representing IOUs. But with the recession and prolonged economic recovery, the taxes that fund Social Security plunged. At the same time, enrollment is soaring as seniors who have lost their jobs turn to Social Security early. When the Trust Funds don't receive enough tax revenues, then the government must find the cash to redeem the IOUs to pay benefits. The only options Congress has is unsustainable levels of borrowing, tax increases, or cutting benefits..Nearly twenty new initiatives were revealed at Monday's conference. In his speech, President Obama announced one that will encourage workers to save more for retirement by helping states create new workplace-based savings opportunities. Currently, around one-third of all employees do not have access to a workplace retirement plan. The initiative announced on Monday will "provide a clear path forward for states to create retirement savings programs" by the end of this year, President Obama said..Will money borrowed from the Social Security Trust Funds be repaid in full? … Continued

Information Officers 4 Ways Legislatures Are Making Citizen Participation Easier Magazine2020

What you propose is an interesting concept. It would be possible to design such cost of living adjustment option in several different ways. For example, the COLA could be calculated based on the national average retiree benefit in the current year. This amount could be adjusted using the current method the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the use of a seniors' consumer price index such as the Consumer Price Index for the Elderly. The law could even add a provision that the COLA would never be lower than a certain amount - such as 3%..The Social Security Trust Fund is the single biggest government account to which the U.S. Treasury owes money, with obligations currently totaling about .8 trillion dollars. From the mid 1980s until 2010, the Social Security Trust Funds received more revenues than required to pay benefits. Under current law, when surplus revenues are received, the Treasury issues special bonds or I.O.Us to the Trust Funds and excess revenues are used for other government spending. The government is required by law to pay interest on those I.O.U bonds..Major Findings … Continued

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