A COLA as low as 1.2% increases the risk that Medicare Part B premiums for 2020 would take the entire amount of any COLA increase for many beneficiaries. This would be especially true for any Part B increase around .00 per month..The following reflects the views of the writer and are not necessarily those of The Senior Citizens League..During women's working years they tend to earn less than men for the same work. In addition, many women also take time out of the workforce to have children, or to provide care for aging family members. Some women do both, leaving low earnings and even zeroes in the earnings record that the Social Security Administration uses to determine their retirement benefit..Representative Peter DeFazio.Medicare Savings Programs cover the cost of the Medicare Part B premium, saving a person 8.50 per month in 202Depending on income, those with the lowest income may also qualify for additional benefits that cover the Part B deductible and out-of-pocket costs. People with incomes in 2020 of up to ,456 per month or ,960 might be eligible if they have limited savings and resources of ,860 or ,800. These limits are slightly higher for Hawaii and Alaska. This program is administered through state Medicaid programs and states may have guidelines that allow people with slightly higher income to enroll. If interested,contact your local Medicaid office to apply..Alexandria, VA majority of Social Security recipients would have to raid retirement savings or use a line of credit to meet even relatively modest financial emergencies, according to a new poll by The Senior Citizens League. When retirees were asked how they would raise ,000, 49 percent of respondents said they would take money from savings and another 30 percent said they would use a line of credit or borrow..Republicans as a whole did not object to the renaming provision and they agreed with Democrats that the NDAA was not the place for the social media provision that Trump wants. As a result, both houses of Congress passed the NDAA last week with majorities that are large enough to override Trump's threatened veto..So even as this is being written there are reports coming that Congressional leaders are close to a deal on both the legislation to fund the government for the remainder of the fiscal year as well as a new coronavirus economic stimulus bill..Because Medicare Part B premiums are automatically deducted from Social Security benefits, retirees find it difficult to fully anticipate the squeeze that rising Medicare Part B can put on benefits and their budgets. In the past 15 years the percentage of the Social Security COLA increase has been lower than Medicare Part B premium increase 9 times.

Blog Combatting Misinformation During An Infodemic

I'm going to keep fighting to pass this bill. I'm also going to continue working to strengthen and expand Social Security going forward. The fact is, Social Security has a .9 trillion surplus. If we do nothing, Social Security will be safe for the next 17 years. With some modest adjustments, we can keep the Social Security system solvent for many more years and even increase benefits..Sen. Enzi, one of the leading negotiators, said in a statement: "Congress is poised to approve a 10-year balanced budget for the first time since 2001, which represents an important step in confronting the nation's chronic overspending. This will help change the way we do business here in Washington to make the government live within its means just like hardworking families.".Medicare Advantage plans merit a serious look, but you need to understand the pros and cons to determine the best fit for your budget without sacrificing insurance protection. The costly trade - offs to lower Medicare Advantage premiums often don't start showing up until you get sicker or need hospitalization. Some key considerations: … Continued

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"Under current Social Security law, that is all that's required to later claim benefits," Hyland explains. "To file a claim, individuals must have a work-authorized Social Security number, and would become vested for benefits with ten years of earnings," Hyland says. "The oldest of those who are eligible for the deferred action could feasibly have worked illegally long enough to already be vested for Social Security - even for disability benefits," Hyland notes. This would add to the program's solvency problems since the Congressional Budget Office and Social Security Trustees have estimated that the Social Security disability trust fund will be fully insolvent by 2016..The situation is caused by a drop in the average wage index which is used in the Social Security benefit formula. Normally, wages tend to go up year over year. But in 2020, the COVID-19 recession and sudden high unemployment may have caused the index to plummet. This type of benefit reduction is known as a "notch" and these people are the "1960 Notch Baby Boomers.".The programs were struggling even before sequester. Federal funding has remained flat for years, even though about 10,000 Baby Boomers retire every day. … Continued

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