News

Agreeing on methods of payment has proven to be the most difficult task. One conferee, Sen. Jon Kyl stated this week: "The way our Democratic colleagues have been approaching offsets, there's just not much of anything that they seem willing to agree to, so I'm pretty pessimistic that we can get that done.".On Wednesday, Marilyn Tavenner, acting Administrator of CMS since 2011, was confirmed by the Senate with an overwhelming vote of ninety-one to seven. She is the first CMS Administrator to be confirmed by the legislative body in over nine years, but her confirmation did not come easily. Earlier this year, two Senators placed holds on her confirmation, delaying the process significantly..When it comes to the Social Security cost-of-living adjustments many, if not most, of you say that you feel the government is cooking the inflation data. The COLA seldom seems to reflect the growing costs you experience. Two factors are to blame; the choice of a consumer price index used to calculate your COLA, and the methodology that our government uses to calculate price inflation to begin with..Sen. Mark Begich introduced S. 896 on May 8, 201It has since been referred to the Committee on Finance..Medicare Part B premiums are getting set to make one of the biggest jumps in 14 years, according to new analysis from The Senior Citizens League. While the Social Security cost-of-living adjustment will increase benefits by 1.6 percent in 2020, Medicare Part B premiums are climbing by 6.7 percent, "more than four times faster than the COLA," says Medicare and Social Security policy analyst, Mary Johnson..The tax cut, which reduced the Social Security payroll tax for employees from 6.2 percent to 4.2 percent, makes the Social Security trust funds reliant on general revenues and undermines the self-funding nature of the program. Social Security is funded by payroll taxes, and currently faces a billion cash-flow deficit. Extending the tax cut could exacerbate the program's funding issues..What do you think? If you have not already done so, please take our 2019 Senior Survey at..Starting benefits prior to full retirement age means you receive benefits over a longer period of time, but the amount you get will be reduced, perhaps significantly. Delaying the start of your benefits until after your full retirement age of 67, until age 70 means a bigger check but paid out over a shorter period of time..If you are still in the retirement planning stage it's well worth the time and effort to learn all that you can about your retirement options, how much you should be saving, and what programs might be available to help you do a better job of planning your retirement. Check your community resources for retirement information, like workshops at local senior centers, libraries and community colleges, before making any decision about when to start benefits.