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Retirement accounts allow your savings to grow tax-deferred, but the rules change when you turn age 70 ½. At 70 ½, traditional IRAs require the owner to take required minimum withdrawals and you can't contribute any more savings. But you can still continue to put money into other types of retirement accounts, including Roth IRAs and some types of 401s, as long as you have earnings from jobs..Eliminating the "cash cliff" that hits when a disabled beneficiary earns more than ,090 in any given month and is immediately cut off from benefits. The cash cliff serves as a workforce disincentive and could be addressed by simply adopting the method used in the retirement program, where monthly benefits are reduced by for every in earnings over ,310, thus providing an improved earning opportunity..For a big eye-opener on how illegal immigrants can become entitled to Social Security under current law and for information on Social Security's totalization agreement with Mexico, read Social Security Benefits For Noncitizens, from the non-partisan Congressional Research Service, Publication No. RL32004..According to STATnews, "Amid intensifying anger over the rising cost of medicines, a key piece of data has been missing from the debate - the actual prices after accounting for rebates and discounts offered by drug makers to payers. Now, a new analysis has come up with some numbers and the results are illuminating: Over a recent 11-year period, net prices for hundreds of drugs rose 60%, which was 3.5 times the inflation rate..The good news is that while Covid-19 continues to kill close to 1,000 Americans a day, advances in medical care and the growing experience of doctors are improving the chances of survival for those who develop dangerous cases of the infection, according to a report in Bloomberg News..Increasing the payroll tax cap. Currently, the amount of earnings subject to payroll tax is 7,200, and the Social Security payroll tax is not applied to annual income over that amount. In a recent survey of TSCL's members, 73% said they would like to see the 6.2 percent payroll tax applied to all earnings in order to increase the solvency of the program..Members of the Senate will return to Capitol Hill on September 6th, and Members of the House of Representatives will return on September 7th. TSCL would like to remind you to approach your Members of Congress at local events and request their support for a fair Social Security cost-of-living adjustment and other key issues..Despite the proposed decrease in funding, many feel that the plan from Chairman Rogers is a positive sign. The cut is negligible when compared to last year's proposal for fiscal 2014, the House and Senate committees were more than billion apart in their Labor-HHS-Education funding plans. The minor cut for fiscal 2015 likely means that appropriators in the House are hoping to compromise with the Senate Appropriations Committee, which has not yet released a proposal for the contentious measure..people who are still working and pay Medicare Part B by check,

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The proposal is at odds with how older Americans think Congress should address Social Security revenues, according to TSCL's 2017 Senior Survey, which is conducted nationally through the mail and online. When asked about options to shore up Social Security financing, 58 percent of participants said they support proposals that would very gradually increase the payroll tax rate by 1 percent each for workers and employers. The largest percentage, 73 percent, support raising the amount of wages subject to Social Security, currently 7,200, to cover all wages..According to Bloomberg News, "The preoccupation with addressing the crisis could well crowd out other legislation that Senate Majority Leader Mitch McConnell has planned to give his members a boost in the election year..On Monday, a group of three Senators Amy Klobuchar, John McCain, and Chuck Grassley sent a letter to the White House urging the administration to utilize its executive power to reduce prescription drug costs. … Continued

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For every 0 a retired household spent in 2000, that household can only buy about worth of the same goods and services today. For example, in 2000, the average annual cost of homeowners' insurance was 8 per year. In 2020 however, the average cost is ,518.97, an increase of 174 percent over the period. In 2000, the average Social Security benefit was 6 per month. A retiree with 6 could pay their entire annual homeowners insurance bill and still have money left over. By 2020, however, COLAs increased the 6.00 benefit to just ,246.20. Households with a benefit of ,246.20 must make insurance payments over several months, dig deeper into savings, or borrow to cover the cost of their policy.."What's the Latest on Medicare Drug Price Negotiations?," Kaiser Family Foundation, July 2019..There are several types of Medicare Advantage plans, and not all are available in all areas. Many are health maintenance organizations, but there are also preferred provider organizations and special needs plans, among others. Under traditional Medicare with a Medigap plan, you may go to any doctor who accepts Medicare. But in a Medicare Advantage HMO plan you need to use network healthcare providers in order to get coverage. If you are treated by non-network providers, you would be responsible for 100% of the out-of-pocket costs, and Medicare would not cover the cost of the claim. If the plan is a PPO, however, you would have greater flexibility to go out of network, but you would pay higher co-pays or co-insurance. Before selecting any Medicare Advantage plan, check the lists of network doctors, hospitals and other providers! It is not unheard of for Medicare Advantage plans to market to people who live a good distance from the nearest in network health care provider. … Continued