Gradually, over 10 years, eliminate the cap on earnings that are taxed for Social Security. This would mean that the approximately 6% of workers who earn more than the 8,500 cap in 2015 would pay into Social Security throughout the year like other workers. In return they would get slightly higher benefits..By Rick Delaney, Chairman of the Board.The disparity between growth in the COLA and Medigap premiums is likely to be worse in 2020. "Inflation is lower this year, and we are estimating that the COLA is likely to be around 1.7 percent," Johnson says. "Nevertheless, we anticipate that Medigap premiums will continue to grow several times faster for a number of reasons," Johnson adds..In addition, TSCL announced its support for legislation from Rep. Grace Meng that would address the Social Security Notch once and for all. It would allow Notch victims born between the years 1917 and 1926 to choose between a ,000 lump sum payment or an improved monthly benefit calculation. TSCL firmly believes that Congress must provide some compensation to victims of the Notch injustice, and we are hopeful that Congresswoman Meng's bill will be approved by the end of this year..The Senior Citizens League enthusiastically supports H.R. 1251, S. 1909, and H.R. 4704, and we will continue to advocate for their passage in the months ahead. For more information, visit the Bill Tracking section of our website..This week, TSCL's Board of Trustees traveled to Washington, D.C. for their second meeting of 201TSCL's Board of Trustees includes the following members: Larry Hyland, Chairman; Tom O'Connell, Vice-Chairman; Charlie Flowers, Secretary; Edward Cates, Treasurer ; Michael Gales, PAC Treasurer; and Richard Delaney, President of TREThe Enlisted Association..The plan released this week is not expected to be adopted or even to win any bipartisan support on Capitol Hill. However, it does mark the start of the fiscal 2016 budget negotiations, and it lays out the line-by-line needs of the federal agencies for appropriators. Soon, the House and Senate Budget Committees will release their own spending blueprints for fiscal 2016, and TSCL expects to see proposals that would dramatically alter the Social Security and Medicare programs. We will keep a close eye on the negotiations as they evolve, and will post updates here in the Legislative News section of our website..The findings represent a significant one-year loss of 4 percentage points in buying power, with the loss increasing from 30% to 34% from January 2017 to January 201The loss occurred even though beneficiaries received a 2% annual cost-of-living adjustment for 201Housing and medical costs - particularly for home heating expenses and Medigap premiums - were among the most rapidly-rising costs over the past year. The study examines the growth, since 2000, in the price of goods and services that are typical for retired and disabled households, and compares that to the growth in Social Security benefits due to annual COLAs..To make matters worse for them, the Democrats are divided on how to proceed with those bills and unless they can come to an agreement those measures will go nowhere.
