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Lower than expected payroll tax revenues. Payroll taxes account for roughly 89% of Social Security's financing. But in 2020, businesses nationwide temporarily shuttered due to emergency stay at home orders. In addition, widespread layoffs, reductions in work hours, and job losses resulted in the collection of fewer payroll tax revenues. Emergency legislation that was passed last year allowed employers to even temporarily defer payment of Social Security payroll taxes until December of 2022 to help companies shore up cash flow and stay in business. While the job market is getting back on its feet again in 2021, unemployment is still higher than it was prior to the pandemic, and payroll tax revenue has not yet returned to pre-pandemic levels..Your employer continues to offer healthcare benefits, and.On Wednesday, the Energy and Commerce Health Subcommittee met to discuss reform of the Medicare physician payment system with a panel of five experts. The hearing, entitled "Using Innovation to Reform Medicare Physician Payment," focused on ideas from the private sector..Millions of older Americans are afflicted with age-related hearing loss, low vision, and poor oral health. Yet, under current law, Medicare is prohibited from covering most hearing, vision, and dental services. The Senior Citizens League has heard from countless retirees living on fixed incomes who cannot afford to pay out-of-pocket for costly care and assistive technologies like eyeglasses or hearing aids..You read that right..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.".TSCL is working to develop legislation that would ensure greater retirement security for older Americans by providing a modest boost in benefits. TSCL believes that a boost can be provided if Congress would raise the taxable maximum earnings that are subject to Social Security taxes - requiring all workers to pay their fair share..TSCL joins voices with Chairman Sam Johnson in urging President Trump to nominate a Social Security Commissioner immediately. To stay updated on the nomination and confirmation process in the months ahead, visit the Legislative News section of our website every Friday morning..Either way, you will need to consider how well your income, including Social Security, retirement savings, pension and other income will allow you to sustain mortgage payments over the refinancing periods. It's also helpful to use realistic budget expenses. That means estimating how taxes will reduce your Social Security and retirement income, and factoring in a realistic growth rate for medical expenses of at least 10% or more each year, to account for both rising prices and the greater need for services as we age.