Alexandria, VA majority of Social Security recipients would have to raid retirement savings or use a line of credit to meet even relatively modest financial emergencies, according to a new poll by The Senior Citizens League. When retirees were asked how they would raise ,000, 49 percent of respondents said they would take money from savings and another 30 percent said they would use a line of credit or borrow..Example: In 2018 you are allowed to earn ,040 per year or ,420 per month without Social Security withholding any of your benefits. Let's say you earn more, ,900 per month. That would mean you would earn 0 more than the limit. Social Security would reduce your benefit by 0 per month, leaving you with just 0 per month. In addition, your earnings would also subject a portion of your Social Security benefits to taxation..Then last week the Centers for Medicare and Medicaid Services announced it will make sure that a COVID-19 vaccine will be made available to all seniors at no cost once a vaccine is approved..Some seniors may also experience income tax hikes this year particularly those who rely on investment income. Taxpayers with total incomes greater than 0,000 for individuals or 0,000 for joint filers will face a new 3.8 percent surtax on investment income. The Senior Citizens League fears that this new tax will disproportionately affect seniors at a time when they are struggling to keep up with rising costs. According to the Tax Foundation, reliance on investment income tends to increase with age, and 36 percent of taxpayers with dividend income and 38 percent with capital gains income are seniors..Legislation is currently under consideration in the House, The Social Security 2100 Act, that would adjust the income thresholds that subject Social Security benefits to taxation, from ,000 to ,000 for single filers and from ,000 to 0,000 for joint filers. According to a survey by The Senior Citizens League, 55 percent of survey participants support lifting the threshold for taxation of Social Security benefits to those levels, and only 12 percent oppose. The bill would pay for this as well as providing a boost in Social Security benefits and a more generous cost-of-living adjustment, by increasing the amount of wages subject to payroll taxes and by very gradually increasing the tax rate that workers and employers pay..To ensure the solvency of Social Security for retirees and disabled who live in the U.S. and pay into the system legally, the study makes the following recommendations:.A new analysis by The Senior Citizens League, one of the nation's largest nonpartisan seniors groups, indicates that changes the government has already made in the late 1990s to how it calculates the CPI have resulted in cutting the Social Security benefits of today's seniors by about 7 percent since 2000. Social Security recipients, who retired with average monthly benefits of about 6 in 2000, lost 7 this year alone, and about ,293 in COLA growth over the past twelve years. According to the analysis, the CPI changes that became effective by 2000 will cut more than ,000 of Social Security income from individuals who retired with average benefits over a 25-year retirement. "Chaining the COLA would further deepen the loss of benefits," says Larry Hyland, Chairman of TSC.Back in mid-August we reported on President Trump's executive order to stop the collection of the workers' part of the Payroll tax, which funds Social Security and Medicare. TSCL is opposed of Payroll tax cuts of any kind because they seriously jeopardize the financial viability of both Social Security and Medicare..Improve work incentives and encourage disabled beneficiaries who improve to return to work. Current disability rules restrict what disabled beneficiaries can earn, which serves as a disincentive to those who are capable of re-entering the workforce. TSCL favors adopting rules that are consistent with those of the retirement and survivors program, which allows people to earn ,310 per month before benefits are reduced.
Newsroom Free Information Session On Hip And Knee Pain And Treatment Options
To learn more about the programs contact your local Medicaid office or call and ask about programs, that help pay for your Medicare premiums.."The group of Democrats blocked one committee from advancing their party's drug-pricing legislation, with two members arguing it was too far-reaching and could stymie innovation in the pharmaceutical industry. Some of those Democrats also want to rein in a proposal to expand Medicare to include dental coverage, a high priority for progressives such as Sen. Bernie Sanders.".The Republicans say that is a form of government price controls and interferes with the free market. That's why Majority Leader McConnell refuses to bring the Grassley-Wyden bill up for debate in the Senate. That bill differs in how it would lower drug prices but Senator McConnell opposes it because it would, in his opinion, still interfere with the free market and also because health care will be a big issue in the elections this year. … Continued
Medicaid Event Medicaid Matters For Low Income Medicare Beneficiaries
home care after a certain length of time in the hospital..The 1977 benefit formula changes affected workers who turned 62 and became eligible for benefits just two years later, in 1979 and thereafter. To protect people close to retirement from abrupt benefit cuts, and to phase in the benefit reductions, a 5-year transitional formula was provided affecting people born from 1917 through 192That group had their benefits figured two different ways using both the transitional benefit formula, and the new benefit formula. People received the higher of the two benefits..Refinance and renovate. If you find your current mortgage payment is too high, refinancing to get either a lower monthly payment or to take cash out may be an option. Before you refinance, have a long–term repayment plan, a budget, and you may want to discuss your needs with an independent financial advisor. If you are refinancing to renovate an older home, think long and hard about how much longer you plan to stay in your home, and how well your current housing will serve you as your health changes. Get bids from contractors, and be sure to include costs for new appliances, carpets, and fixtures. Will you have sufficient income and savings to cover a mortgage payment and still have money for repairs and maintenance ten or twenty years from now? Can you recover your renovation investment if you have to move and sell sooner than you planned? Take time to shop and carefully compare terms on loans - don't be hurried into making a decision. Loan officers always push you to "lock in a rate." Always ask for a "good faith" estimate and an estimate of the closing costs. … Continued