News

If passed, the CPI-E Act would base Social Security cost of living adjustments on a consumer price index determined by the spending habits of elderly workers instead of the current formula geared toward younger members of the workforce..The application was approved under Section 505 of the Federal Food, Drug and Cosmetic Act, which means that although it is a new drug application, its approval was based on research from another product..At what age do you think most people retire? According to the Social Security Administration, the largest group retires at age 62 with reduced benefits! Only 4% wait to start benefits at 70, the age at which they would get the maximum amount. Could the fact that most people file for Social Security benefits so early be simply because they hear so often that they can do so at 62? Does 62 become a distorting anchor on our thinking?.Government economists not only changed the math, they changed the underlying concept of the consumer price index itself. While the CPI formerly measured price changes of a fixed market basket of items from one period to the next, today the Bureau of Labor Statistics uses formulas more consistent with a theoretical cost-of-living concept. And because it is theoretical, it uses estimates and produces data that is subject to two revisions..The Medicare Part A outlook has worsened due to both the financial impacts of COVID-19 and the high levels of people out of work. Nationwide business closures, layoffs and salary cuts, have significantly reduced the amount of revenues received by the Medicare HI trust fund over the past year, while payments to hospitals were increased 20% by emergency legislation for COVID-related care, and the elimination of cost sharing associated with COVID treatments..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..It would: require Medicare to negotiate lower Part D drug prices, allow individuals to import prescription drugs from Canada, require greater price transparency from drug manufacturers, accelerate the closing of the Part D "doughnut hole," restore drug rebates for low-income seniors, and put a 0 monthly cap on prescription drug spending for individuals. Together, these changes would dramatically reduce drug costs for Medicare beneficiaries. In the coming months, TSCL will continue to work towards its passage in Congress..Because this is an election year, elected lawmakers are likely to be listening extremely carefully to their constituents. Your help now, and that of family and friends, could make the difference in pushing through the ,000 lump-sum legislation..Compare that to retiring early at age 6She'll lose ,437 in Social Security income. Her starting benefit will be permanently reduced by 25% to ,225, and even with receiving benefits over more years she'll receive only 3,228 over the course of her retirement. Her final benefit would be ,438.