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Members of the House and Senate spent the week in their home states and districts, and will return to Capitol Hill on Monday, February 27th..What other ways would I be affected by this Chained COLA?.Some home healthcare can be deductible. In order for home healthcare expenses to be deductible, those who require the care must be unable to perform two or more of six activities of daily living and have a plan of care from a physician that specifies help with these tasks..The study's findings illustrate the impact on the buying power of Social Security benefits when the economy goes from a period of extremely low inflation to more typical rates of inflation. The last time there was a loss this big was in 2011, another year similar to 2017, when there was no COLA, but inflation spiked. The following year, in 2012, Social Security benefits increased by 3.6%. And like 2012, a higher COLA is likely in 2018..In 2020, the Social Security Trust Fund received far less in revenues than expected, due to three reasons:.It turns out than among seniors who are not vaccinated, the biggest problem may be access to the vaccine as opposed to opposition to getting the shot..If you start Social Security benefits too soon, prior to your full retirement age, your benefits may be withheld by as much as ,373.30 due to the earnings test. That's because no matter when you receive your wages in 2017, Social Security will assume that the full ,000 of your 2017 earnings occurred prior to November. Your earnings in excess of the ,880 would be ,000, less ,880 or ,120. Social Security will withhold in benefits for every in excess earnings. The ,120 is divided by 3 and ,373.30 will be withheld from your benefits starting the beginning of the following year..But then I think, since I can run down to the post-box when I take out the trash, I may as well pay the bills first..Could the Social Security COLA Be More Fairly Adjusted to Provide a Fixed Annual Dollar Amount?

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what you will pay for it - and do this every year. If the drug is expensive,.Social Security benefits are one of the few types of retirement income to be automatically adjusted annually for inflation. In 2020, more than 61 million Social Security recipients received a 1.6 percent annual COLA, which raised the average ,460 benefit by .40 per month..This week, TSCL announced its support for the Protecting and Preserving Social Security Act, which was introduced by Senator Mazie Hirono and Representative Ted Deutch. Their bill, if signed into law, would base Social Security cost-of-living adjustments on the Consumer Price Index for Elderly Consumers and it would gradually phase out the cap on income subject to the payroll tax over a period of seven years. … Continued

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But not all beneficiaries are protected by the hold harmless provision. The provision covers about three-quarters of beneficiaries who would not see any change in their basic Part B premiums in 2010, according to the Actuary for the Centers for Medicare and Medicaid Services. But one quarter of beneficiaries would face reductions to their monthly Social Security checks as money is deducted to cover the increased Part B premium costs. And although the "hold harmless" provision provides protection from the rising Part B premiums, that provision of law does not apply at all to Part D drug coverage or Part C Medicare Advantage plan premiums. If a person's Part D or Medicare Advantage plan premium goes up, he or she would have less Social Security to live on in 20An emergency COLA, however would offset those costs and prevent those reductions..The CBO option would change the taxation of Social Security to be more like distributions from defined benefit pension plans. Those distributions are fully taxable except for the portion that represents the recovery of "basis," or what an employee paid in - that is, his or her after-tax contributions to the plan. Once the recipient has recovered his or her entire "basis" all subsequent pension distributions are fully taxed..This policy catches the vast majority of the public unawares. Understandably most people, like you, react with surprise, disgust, and upset when they learn the final payment must be returned. … Continued