News

The Social Security's Trustees annual report, which was prepared before the onset of COVID-19 and subsequent shut down of the economy, forecasts that the Social Security trust funds will be depleted by 203But a number of Social Security experts are beginning to warn that the program could run low much sooner, by as early as the end of this decade..Medicare fraud, abuse, and wasteful spending are problems that continue to affect all Americans. Attorney General Eric Holder estimates that fraudulent Medicare activities cost taxpayers an estimated billion a year. The staggering figure has contributed to rising costs that are passed on to beneficiaries. Lawmakers and administrators are seeking alternative measures to reign in Medicare's out-of-control costs to seniors..If Trump does, in fact, veto the bill it is likely Congress will attempt to override it this week although the timing of the override attempt may hinge on whether an agreement of government funding can be reached this week..Would a Higher Cost-of-Living-Adjustment in Social Security Make Me Ineligible for Medicaid?.Medicare Part B premiums were found to be the fastest growing cost for seniors, increasing by 195 percent over the eighteen-year period. Average out-of-pocket spending on prescription drugs followed closely behind, increasing by 188 percent. Meanwhile, between 2000 and 2018 the COLA increased Social Security benefits by only 46 percent..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..Opportunity to expand and preserve this vital benefit for future generations..A balanced budget amendment to the constitution, like the one that was considered this year, would prohibit the federal government from spending more than it collects in revenues each year. It's a budget gimmick that would essentially make it unconstitutional for Social Security and Medicare to use the trust fund reserves they currently have to pay out benefits, because it would prohibit "borrowing" even when new revenues are insufficient to pay out benefits. Additionally, the federal government would be prohibited from repaying the .7 trillion it currently owes to the Social Security trust funds..Most people don't realize how much money they give up by claiming benefits at age 6For example, consider a woman entitled to a monthly benefit of ,500 at her full retirement age of 6Assuming she lives to age 95 and receives cost-of-living adjustments of about 2.3%, she would receive 8,665 over the course of her retirement. Her final monthly benefit payment would be ,827.