Boosting Social Security benefits for everyone. The proposed boost would equal 2% of average benefits..The Congressional Budget Office recently released its fall economic and budget update which estimates that due to the COVID-19 pandemic, Medicare outlays will grow 12% over 2020, double the rate what was forecast in April. If that estimate proves to be the case, that suggests the Part B premium increase could be twice as high as the earlier forecast - about .40 per month..Currently, Social Security COLAs are based on the CPI-W, which tracks the spending patterns of young, urban workers. This index underestimates the inflation that seniors experience since it fails to capture the medical and housing costs that many spend most of their incomes on. TSCL estimates that a CPI for seniors would put the annual COLA at two-tenths of a percentage point higher than the CPI-W. Over the course of a retirement, this would amount to several thousands of dollars more in Social Security benefits..For the past two years, nearly 160 million Americans have enjoyed a two percent Social Security payroll tax holiday, which has resulted in approximately 0 in annual tax relief in the form of higher paychecks for the average worker. The measure was passed in 2010 in an effort to stimulate the sluggish economy, and it has been extended twice since then. But the popular tax cut is set to expire on the first of January, and for four key reasons, The Senior Citizens League is urging Congress to let the tax holiday come to an end..This week, in the days leading up to the five-week August recess, Members of the House focused on a series of tax extension bills and Members of the Senate debated cybersecurity legislation. Meanwhile, one House Subcommittee met to discuss the removal of Social Security numbers from Medicare cards, and The Senior Citizens League saw support grow for three key pieces of legislation..To be best prepared, jot down some questions for which you would like answers. Below are six sample questions feel free to take them with you and share them with others at your next town hall..You may well find that the best way to come out ahead is to pay out-of-pocket and brush your teeth regularly at least twice a day, for a full 2 minutes. If you don't already have a regular dentist, call around to find the most reasonable fees and to see if the dental practice is willing to provide "senior" discounts. If you have good oral health and few health or dental problems, ask the dentist if you can stretch your exams out to every 9 months instead of twice a year, and space out X-rays..To read more about Medicare see the 2015 Medicare & You handbook. Get a copy here..In the months ahead, The Senior Citizens League will continue to advocate for these and other policy solutions that would boost and strengthen Social Security benefits for current and future beneficiaries. For progress updates, follow The Senior Citizens League on Twitter.
