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Increasing the frequency of Continuing Disability Reviews. Additional funding for CDRs, which are conducted periodically to determine if enrollees still qualify for DI benefits, would return significant savings to the program according to recent projections..TSCL will continue to keep a close eye on the evolving immigration negotiations, and we remain hopeful that in the very near future, lawmakers will consider loophole-closing legislation that would prevent Social Security credits from being earned by work done illegally. For updates on the discussions, visit the Legislative News section of our website..The Social Security 2100 Act would make Social Security benefits more generous by:.July 15, 2011 The most likely deficit reduction proposals are also the most harmful to the nation's elderly, according to The Senior Citizens League, one of the nation's largest nonpartisan senior citizens advocacy groups. However, a few alternatives exist that would reduce the budget in less painful ways..TSCL is concerned that an immigration amnesty would create new liabilities for Social Security, Medicare and Medicaid, that would be based on illegal work. Under current law, the Social Security benefits of immigrants who worked illegally, and who later gain work authorization, are calculated at least in part, on earnings from jobs worked under fraudulent numbers prior to gaining legal status..A common debate is re-emerging this year over Social Security's "deficit, " as the federal borrowing limit looms. The debt limit, which was suspended since late 2015, was re-instated on March 16th. That debt limit sets the money the Treasury can borrow to pay for federal obligations, including money owed to the Social Security Trust Fund..Starting a new medication can sometimes take you by surprise when drug plans don't cover the drug or charge higher co-pays than you can afford. If you're having trouble covering the cost of your medicine, here are some things to try:.The disparity between growth in the COLA and Medigap premiums is likely to be worse in 2020. "Inflation is lower this year, and we are estimating that the COLA is likely to be around 1.7 percent," Johnson says. "Nevertheless, we anticipate that Medigap premiums will continue to grow several times faster for a number of reasons," Johnson adds..Despite the slowing of the CPI, earlier this year, Medicare actuaries estimated that the base Part B premium paid by most seniors will climb about 8%, from .90 per month to 9.10, starting next January.

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The Bipartisan Policy Center points out in a recent blog, that each of these sources of revenues is negatively impacted by high unemployment. When people are out of work, no payroll taxes are withheld from earnings. A portion of Social Security benefits is taxable when a Social Security recipient has an income higher than ,000 or ,000 for a couple filing jointly. But the coronavirus recession has impacted both earnings from jobs and the value of retirement accounts, so that fewer retirees will meet the income thresholds that make their benefits taxable this year. Finally, the Federal Reserve has responded to the recession by cutting interest rates, which means that the yields on the bonds held by the Social Security Trust Funds are smaller and will provide lower interest income. A recession also causes a higher number of new claims when older workers are forced to retire earlier than planned, raising costs in the short term.."Hearing On The Effects Of COVID-19 On Social Security," Testimony of Stephen C. Goss, Chief Actuary, Social Security Administration, House Ways and Means Subcommittee on Social Security, July 17, 2020. "Biden Has Promised To Reform Social Security - Some Changes Could Come As Soon As This Year," Lorie Konish, CNBC, January 23, 2021..The U.S. currently has 21 Social Security Totalization Agreements in effect with other nations. The agreements allow workers who split their careers working in two countries to avoid double taxation on the same work. In addition, workers are allowed to combine earnings from both countries in order to qualify for Social Security benefits under one or both systems. The agreement with Mexico presumably would have a very different impact, however, for a number of reasons, including the fact that no other totalization agreement is with a country where so many of its citizens are living and working in our country illegally. … Continued

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More Americans are spending more years in retirement, but have little or no retirement savings. Fewer employers are offering retirement plans and participation from workers is low among those who do. According to a study by the Schwartz Center for Economic Analysis at the New School, the median net worth among households near retirement show that only about a quarter can expect an adequate cash income stream from their retirement savings..Today millions of older women are depending on insufficient Social Security benefits to get them through a retirement that can stretch up to 30 years. Low benefits mean people have to spend more of their retirement savings at a faster pace than anticipated..Disabled survivors benefits for a spouse and/or divorced spouse based on the deceased account. … Continued