Slideshow Aca Replacement Plans And The Individual MarketOn Thursday, Senate lawmakers passed legislation to suspend the debt ceiling until next spring, fund the government through December 8th, and provide .25 billion in relief to victims of Hurricane Harvey. At the time of writing this week's legislative update, the House had not yet voted on the legislation, but it is expected to pass with bipartisan support by the end of Friday afternoon..Yet even a "limited approach" like this one could create huge new long-term costs for Social Security and Medicare. Citizenship is not a requirement to claim Social Security benefits. Work authorization, like the type under discussion in the House, is all that immigrants would need to at some point file claims..We have been hearing from hundreds of you who are watching the inflation numbers and eagerly looking forward to getting a high inflation boost next year. But a number of you point out an urgent problem that occurs when COLAs raise the income of people with lower incomes. The higher inflation boost can sometimes disqualify people of modest means from receiving low-income benefits such as food stamps or rental assistance. … Continued
Blog Redistricting And The LawWithout legislation to remedy this flaw in the benefit formula, the reduction to the Social Security retirement benefits of these 4 million people would be permanent. Assuming that benefits would be reduced by 9.1%, a calculation for TSCL indicates that a 62 - year old with middle-earnings who retired in 2020 would typically expect a benefit of ,565 at full retirement age, but now would only receive ,423 instead. Over the course of a 25-year retirement, or by the time these individuals reach 87, the total loss of retirement income from expected Social Security benefits would be more than ,000..So, I set the remote back on the table, get some towels and wipe up the spill..Economic forecasts for 2013 warn of a financial crisis ahead. Nobody is feeling it more acutely than seniors living on fixed incomes. Retirees and disabled adults won't see much of a cost-of-living adjustment increase in benefits this year. At 1.7%, the 2013 is one of the lowest ever paid, not counting 2010 and 2011 when no COLA was payable at all. Timing couldn't be worse. … Continued