News

Social Security Made Simple: Social Security Retirement Benefits and Related Planning Topics Explained in 100 Pages or Less, Mike Piper, February 2017..Nearly 1.5 million public servants are currently affected by the WEP because they have earned pensions from their state or local government, but have also paid into Social Security through previous or secondary employment. Their earned Social Security benefits are often reduced by as much as 40 percent. In addition, the GPO affects public servants who are entitled to Social Security spousal or survivors benefits based on the work history of a husband or wife. Nine out of ten times, the benefits to which they are entitled are eliminated altogether.."Even one year of high health costs, like being hospitalized for surgery, could force most seniors to spend through their savings faster, or go into debt," says TSCL Chairman, Ed Cates. "Most retirees are dealing with fragile fiscal safety nets," he says. "What makes this finding so significant is that most Medicare health plans have annual out-of-pocket maximums that exceed ,000," Cates adds..Rx for Medicare's Doctors' Pay Formula.Obamacare Medicaid Expansion Creates New Inequities For Seniors.By Representative Cheri Bustos.Senate Republicans said this week they are more focused on reforming the Small Business Administration's Paycheck Protection Program, providing more money for cash-strapped state and local governments, boosting benefits for Social Security recipients and fixing other elements of COVID-19 relief bills passed earlier this year..The suppressed growth in Social Security benefits not only creates ongoing benefit adequacy issues for retirees, but also Medicare budget problems when the COLA is not sufficient to cover rising Part B premiums for large numbers of beneficiaries. When the dollar amount of the annual Medicare Part B premium increase is greater than the dollar amount of an individual's annual cost of living adjustment, the Social Security benefits of about 70 percent of Medicare beneficiaries are protected by the hold-harmless provision in the Social Security Act. The Medicare Part B premium of those individuals is reduced to prevent their net Social Security benefits from being lower than the year before..The House of Representatives, on the other hand, has passed 10 of the 12 funding bills that are needed, with only the Homeland Security and Legislative branch funding bills left. Because there is so little time left before the start of the new fiscal year there is the real possibility there could be a government shutdown right before the November election.