The poll raises questions about both the adequacy of Social Security benefits, and proposals that would make seniors pay an even bigger share of their healthcare costs in the future. According to the Social Security Administration, the median income for retirees aged 65 and older is just ,056.[1] In 2010, the most recent year for which data is available, Medicare beneficiaries spent ,734 on out-of-pocket costs on average, including premiums for Medicare and other supplemental insurance or health plans.[2].On Monday, the CBO released its highly anticipated analysis of the BCRA health reform legislation released late last week by Republican leaders in the Senate. The report shows that if signed into law, the bill would leave 22 million more individuals uninsured than current law, and it would hit older, poorer people the hardest especially those between the ages of fifty and sixty-four with less than ,200 in annual income. Those individuals would see health insurance premium increases of 200 percent or more under the BCRA..Senate Panel Discusses the Future of Social Security.The Obama Administration recently opened the "illegals may apply" window at the U.S. Citizenship and Immigration Services. Even before the government started accepting applications, estimates of those expected to qualify, more than doubled from the original government projections released just two months earlier. Nearly 1.8 million illegal immigrants under the age of 31 could become eligible. As details emerge, TSCL is concerned that the program is far broader than early announcements suggested..TSCL is meeting with new Members of Congress to get them up to speed on the Notch, how it impacts the adequacy your Social Security benefits, and the importance of Notch Reform. We encourage all of you to take time to write to your Members of Congress about how the Notch has affected your retirement income and urge them to co-sponsor Notch Reform legislation, the Notch Baby Act of 2011, and the Notch Fairness Act..The Social Security Cost-Of-Living Adjustment is likely to be the first target for cuts. Most deficit plans in recent years propose tying the annual inflation boost to a more slowly - growing consumer price index known as the chained CPI. The new tax legislation, in fact, adopts the chained CPI to adjust tax brackets and the new expanded standard deduction. That will mean the standard deduction will grow more slowly than before and that people will wind up in higher tax brackets, or a greater portion of their income will be subject to tax, more quickly than before. For retirees, the chained CPI would mean lower COLAs, as well - if Congress extends the change to Social Security..There's an overwhelming flood of retirement information targeted to higher -earning upper income Americans, but just about everyone else with more modest incomes are without the guidance to help make the best retirement decision..The rate of growth in the number of older Americans who receive Social Security has slowed sharply recently, and the drop may be due in large part to the large number of deaths from COVID-19 among people age 65 and up. In March of 2021, the number of people receiving retirement benefits from the Social Security Administration rose 900,000 to 46.5 million, the smallest year - over - year gain since April 2009..Low-Income Health Programs, Working and Laid Off Workers Take the Biggest Hit When Medicare Part B Premiums Spike
