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Accelerate retirement account distributions when you have excess deductions. If your standard deduction will exceed your taxable income this year, consider withdrawing a little more retirement funds if you will need them this year. Doing so when you have a low or even a zero tax rate will potentially help you avoid paying more in the future when your deductions are lower or taxes rates are higher..The bill would also repeal the medical expense deduction, which is essential for older Americans who disproportionately experience high medical costs for prescription drugs, medical equipment, or services like nursing home care. Around 5 million taxpayers over the age of sixty-five rely upon the tax deduction when their out-of-pocket medical costs total more than 10 percent of their annual income. Its elimination would be a major loss for older Americans who are living on fixed incomes and are facing catastrophic medical costs..This Congress, I introduced the Fair COLA for Seniors Act, to ensure that your Social Security payment keeps pace with your cost of living. This bill would change the current ineffective price index used to calculate Social Security's cost-of-living adjustment to one tailored around the lives and needs of seniors. This index, the Consumer Price Index for the Elderly, accurately reflects how seniors spend their money, with a focus on healthcare and housing. It is a common-sense proposal that will allow for benefits to keep up with costs..Medicare has been subject to automatic 2 percent spending cuts since 2014, enacted as a provision of the Budget Control Act of 201Providers continue to bill Medicare in the normal way, but they are only paid 98 cents on the dollar. According to a FAQ from the House Committee on the Budget, the Medicare spending cut for the government's fiscal year 2021 which starts October 1, 2020, will reduce spending by .2 billion..The 2020 Medicare Trustees report recently estimated that the Hospital Insurance Trust fund will become depleted in six more years - 202"But the high level of hospitalizations due to the coronavirus for seriously ill Medicare patients may shorten the life expectancy of the Medicare Trust Fund," Johnson says..Prior to 1984 Social Security benefits weren't taxed, and when the tax on benefits was first enacted in 1983, Congress sold it to the public saying it affected "high income" beneficiaries. At that time, only 10% of Social Security beneficiaries paid the tax. But during the 2015 tax season, an estimated 56% of Social Security beneficiary households will owe federal income taxes on part of their benefit income according to the Social Security Administration..Patients and their families want to know if the medication will help slow the progression of cognitive decline, especially in view of the serious side effects it can cause, but doctors have no definitive answer yet. The rate and progression of cognitive decline varies widely among people who have started experiencing memory and thinking problems. Thus, it is difficult to quantify how much of a difference the drug would make for a given patient.."Nearly half of beneficiaries said they avoided care because they didn't want to risk being in a medical facility, while 35% said they didn't want to leave their home. And 23% reported feeling more lonely or sad.".Will current beneficiaries and those close to retirement - people age 55 and older - be protected from benefit cuts?