Civil And Criminal JusticeTo qualify, you must meet your state's income and asset guidelines. You may qualify if your income in 2012 was at or below the income and resource limits listed below..This year, for the sixth straight year, the Trustees issued a "Medicare funding warning." Marilyn Tavenner, CMS Administrator, stated: "While Medicare is stable for now, we have a lot of work ahead of us to guarantee its future." Expenditures by the Hospital Insurance Trust Fund have exceeded income since 2008 and are expected to do so for the foreseeable future. The Trust Fund is expected to cover only 87 percent of costs in 2024 and 67 percent of projected costs in 2050..For more progress updates or for more information about these issues, and other bills that would strengthen the Social Security program and make improvements to Medicare, visit the Bill Tracking section of our website or follow TSCL on Twitter. … Continued
Blog Civil And Criminal Justice 3The situation is caused by a drop in the average wage index which is used in the Social Security benefit formula. Normally, wages tend to go up year over year. But in 2020, the COVID-19 recession and sudden high unemployment may have caused the index to plummet. This type of benefit reduction is known as a "notch" and these people are the "1960 Notch Baby Boomers.".Research conducted by Johnson for The Senior Citizens League has found that Social Security benefits have lost 34 percent of their buying power since 2000 because the index used to calculate the annual cost-of-living-adjustment increase doesn't adequately factor in the cost increases experienced by retirees. In 2000, for example, it cost 5 to fill up a 500-gallon home-heating oil tank. The average benefit amount in 2000 was 6, leaving older homeowners with 1 to put toward other household expenses. Today, it costs about ,640 to fill the same oil tank, but those who received benefits of 6 in 2000 only receive ,193.10 in 201"That leaves older consumers digging into savings or borrowing to make up the difference of 6.90," Johnson says. "The Social Security loss of buying power for 2018–2019 appears likely to continue to get worse.".Although the new tax law almost doubles the standard deduction, and increases the deduction for taxpayers over the age of 65, The Senior Citizens League still encourages older taxpayers to compile and check medical and other deductible expenses before automatically taking the new standard deduction. The Senior Citizens League is working for passage of legislation that would lower or eliminate the taxation Social Security benefits, and strengthen Social Security for all. … Continued