How To Increase Medical Tax Deductions for Older Taxpayers.I was born May 10, 1960. Can you tell me my retirement age? I've read that the retirement age for Social Security is rising. How does this affect the amount that I receive in benefits? Can I still retire and receive benefits at age 62?.With about 1 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. Its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of TREA The Enlisted Association. Visit for more information..According to TSCL's 2021 study of typical retiree costs, the average Medicare recipient can expect to spend more than ,000 per month on healthcare costs this year. Considering that the average retiree benefit is just ,550 per month, that doesn't leave much wiggle room for everything else in a year of spiraling inflation. Paying for food gasoline, or home and auto insurance is more challenging this year than it has been in 13 years..How far will your 2013 COLA go? What other options do we have to address Social Security's solvency? Take TSCL's 2013 Senior Survey!.averages about ,350 per month. But even people who receive care at home spend.Aside from Wednesday's hearing, there has been very little discussion on Capitol Hill about fixing the DI program. Reallocation is likely, but TSCL supports methods that would prioritize a reduction in fraud, waste, and abuse, since the program struggles with improper payments. Action will be needed within the next two years, and TSCL will keep a close eye on developments since they are expected to impact the OASI program. For updates, visit the Legislative News section of our website..If your "provisional" income is over the base amount, then a portion of your Social Security benefits would be taxable. Up to 50% of your Social Security benefits are taxable if your provisional income is above ,000 to ,000 if you file singly, or above ,000 to ,000 for joint filers. If your provisional income exceeds ,000 or ,000, up to 85% of your Social Security benefits are taxable..During recent healthcare reform hearings, TSCL submitted a statement to the Senate HELP Committee expressing support for an emergency COLA in 20The COLA could be set high enough to cover the rise in Medicare Part B and the average rise in Part D premiums. Doing so would help prevent reductions in seniors' benefits, and a Medicare notch in premiums, and provide protection from benefits taking a big hit in buying power. TSCL believes that H.R. 3557 as introduced by Representative Walter Jones would do just that.
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The report also states that "House leaders have said they're committed to moving forward on H.R. 3, citing polls showing strong bipartisan support for empowering Medicare to negotiate drug prices. House Democratic leaders still see the infrastructure package as their best chance of passing major drug reforms, despite concerns raised by the moderate members, a senior aide said..Lawmakers on both sides of the aisle at Wednesday's hearing expressed their strong interest in addressing the growing DI backlog. In his opening statement, Subcommittee Chairman Sam Johnson said: "Today, over one million people are waiting for a hearing with a Social Security Administrative Law Judge, and on average these folks will wait around 600 days to get that hearing. That's nearly two years!" He continued, saying: "While not all of them will qualify for DI benefits, all of these people deserve an answer in a timely fashion. And for those who don't qualify for benefits, these long wait times make getting back to work even harder.".As we said, TSCL is supportive of intentions of these, and other efforts on the part of both parties to lower prescription drug prices. However, we also have our own concerns. … Continued
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Last week TSCL was part of a virtual meeting with Senator John Thune who, as the Majority Whip, is the second-ranking Republican in the Senate, after Majority Leader Mitch McConnell..For information about town hall meetings near you during the summer congressional recess, call the local offices of your elected officials. For Congressional contact information, visit our website at..Not having enough money for retirement is a top concern shared by 64% of Americans in a recent Gallup poll, and the number is growing. Six-in-ten people worry about unexpected medical costs, and more than half worry about their ability to maintain their standard of living. No group feels these worries more acutely than retirees or people nearing retirement. … Continued