Either way, you will need to consider how well your income, including Social Security, retirement savings, pension and other income will allow you to sustain mortgage payments over the refinancing periods. It's also helpful to use realistic budget expenses. That means estimating how taxes will reduce your Social Security and retirement income, and factoring in a realistic growth rate for medical expenses of at least 10% or more each year, to account for both rising prices and the greater need for services as we age..It makes no difference if a Member of Congress has broken the law. This newsletter recently reported that former Representative Randy "Duke" Cunningham, who was sentenced to eight years in jail for bribery charges, is entitled to an annual pension of about ,000. Currently, it takes an act of treason for a Member of the House or Senate to lose a pension..TSCL agrees that solvency issues for both programs should be addressed as soon as possible so that any changes may be phased in gradually. However, we do not support increased cost-shifting or harsh benefit cuts for seniors. Both Subcommittees will likely hold more hearings on reforming the two programs in the coming months. TSCL will continue to monitor the ongoing debate..Retirees need to pay attention to income from tax-deferred retirement accounts, pensions, annuities and Social Security benefits, in addition to other streams of income from any jobs, rental property, or income from a business. Failing to pay the right amount throughout the year could subject you to a tax penalty next April when your federal return is filed..Remember "Flo"? In 1999 she was the blond, perky, mature lady who came onto our TV screens telling us that she was here "to tell seniors about changes that affect our medicines." She would end by saying "I don't want big government in my medicine cabinet." Flo implied that, if Medicare provided a drug benefit for seniors, it would stifle research and development of new life-saving drugs coming to market and restrict access to drugs a patient was already taking..Ranking Member Senator Murray and several witnesses on Wednesday including Tennessee Health Commissioner Julie McPeak and Pennsylvania Secretary of Health and Human Services Theresa Miller agreed that CSR payments are critical to improving the marketplace and that vulnerable populations must continue to receive the same level of coverage through state waiver programs..A person receiving the national average Social Security benefit in 2000 - 6 per month - would have ,226.60 per month by 201However, because retiree costs are rising at a substantially faster pace than the COLA, that individual would require a Social Security benefit of 7.90 more per month, or ,634.50 in 2019, just to maintain his or her 2000 level of buying power..Many of TSCL's supporters are older and less affluent. And some of them are "Notch Victims," individuals who receive lower Social Security benefits because they were born between the years of 1917 and 1926..Lawmakers Advance Temporary Funding Bill

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In addition, the legislation froze the income thresholds at which the higher premiums are triggered so more seniors will have to pay the higher premiums as incomes gradually grow over time. TSCL's Legislative Assistant, Mike Watson, estimates that "individual seniors who made between ,000 and ,000 in 2010 could be subjected to the 'means test' in 2019, because of the frozen income thresholds. In addition, if the income thresholds for the 'means test' were allowed to increase, they would rise to about 0,500 to 1,800 in 2019.".About 28% of all Medicare beneficiaries are enrolled in Medicare Advantage Plans. United Health Care, the largest Medicare Advantage insurer in the nation, recently dramatically cut the number of doctors in its plans this year. TSCL remains highly concerned that more plans will follow suit next year as successive cuts kick in..Survey participants were asked: "Since the start of 2021, which of the following budget categories increased fastest in your household?" … Continued

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Reduces the costs of your drugs..In advocating for emergency COLAs TSCL has in the past, recommended that legislation contain wording that such COLA increases and Social Security benefits boosts be disregarded or not counted, in determining eligibility for SNAP, rental assistance, and other low - income benefits. In addition, TSCL is calling on Congress to pass a ,400 stimulus payment for Social Security recipients, to help offset potential reductions or loss of low-income benefits..Under Medicare Part D, the government does not negotiate prices like it does for doctors' or hospital fees. Drug prices are established by the private insurers who run Part D drug plans. Those prices are based on what the plans negotiate with drug manufacturers and what drug plans want to make on the drugs in order to operate at a profit. Under current law, however, even when drug plans negotiate a rebate, the law does not require that plans pass the savings along to consumers. … Continued

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