TSCL strongly believes that inaction on addressing Social Security's financing challenges is putting the benefits of tens of millions at risk. The closer we come to the Social Security depletion dates, the more difficult it will be to find a solution to strengthen program finances. With the coronavirus recession, the depletion date may arrive sooner than anyone ever expected..The U.S. House and Senate adjourn at the end of July for a six-week summer recess, and many lawmakers will hold town hall meetings in their home states and districts throughout the month of August. The Senior Citizens League encourages Social Security and Medicare beneficiaries like you to attend these events and to ask important questions of your elected officials about your earned benefits..This week, lawmakers returned to Capitol Hill to begin the "lame duck" session of Congress. Those in the Senate plus Republicans in the House held leadership elections for the 116th Congress. In the Senate, key leadership positions will remain largely unchanged in 201Senator Mitch McConnell will once again serve as the Senate Majority Leader, while Senator Chuck Schumer will remain the Minority Leader in the 116th Congress..Other Medicare costs climbed as well, the Part B deductible, and out-of-pocket costs charged by doctors and for other services. Barbara's prescription drug plan bumped her medication to a higher formulary tier and her blood pressure medication that used to have zero copay now costs .00 per month. And after recent years of so much extreme weather, homeowner's insurance is now one of her fastest - growing costs..Members of the House passed the .1 trillion government-wide spending bill last Thursday, and after much debate, lawmakers in the Senate adopted it late on Saturday evening. Those in the House left Washington shortly after they approved the "cromnibus," while those in the Senate stayed in town for a few days to consider dozens of executive nominations and to pass a package of tax extenders..Last week a group of 10 moderate Democrats delayed a procedural vote for their party's reconciliation bill, which is the expensive bill containing the President's program to rebuild the U.S. infrastructure. The fear is that some of those same moderates may again band together to blunt the drug-pricing provisions going into the reconciliation package..Why Did I Open This Refrigerator And What Are My Glasses Doing In There?.And overwhelming majority 95% of those polled said YES! Amnesty by Executive Order is presidential over-reach. Changes in immigration law should be left up to Congress..Plan your withdrawals to boost your Social Security benefits. While you want to allow your retirement savings to grow tax-deferred as long as you can, withdrawing money from an IRA earlier is sometimes to your advantage. Doing so may help you delay starting Social Security benefits, allowing your benefits to grow 8% for every year you wait after attaining age 66 and until age 70.

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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..7 crucial questions that TSCL believes must be addressed by the candidates about their plans to change Social Security:.Do I Have To Give Up My Current Healthcare Coverage To Go On Medicare? … Continued

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On Thursday, the Ways and Means Committee held a long overdue hearing on the Social Security 2100 Act. The bill was introduced by Congressman John Larson in January of this year. A companion bill was introduced in the Senator by Senator Richard Blumenthal. If adopted these bills would strengthen and reform Social Security by providing beneficiaries with a 2 percent benefit increase, would base the cost-of-living on the CPI-E, create a new minimum benefit set 125 percent of the poverty line and cut taxes for beneficiaries. Increase costs to the program would be paid for my applying the payroll tax to income over 400,000 and gradually increase the payroll tax rate to 7.4 percent..Higher income beneficiaries who pay "income-based" or Means Tested premiums. In 2009, people with incomes of more than ,000 or 0,000 pay a higher portion of the premium depending on their income..It remains to be seen whether a deal will be reached before the December deadline Congressional Quarterly reports that the prospects for an agreement are "dimming." Discussions will likely continue behind closed doors over the upcoming weeks, and TSCL will continue to monitor the negotiations. Check back for updates every Friday. … Continued

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