Newsroom Season Of Giving Spotlight On Owatonna Hospital Auxiliary Volunteer Sara HilleslandAction on Capitol Hill remained slow this week, as both Houses of Congress have adjourned for the August recess. However, The Senior Citizens League did see support grow for two key pieces of legislation..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..While the legislation made some changes to Social Security and did not cut benefits of any current retirees, it did end a complicated benefit claiming strategy known as "file and suspend" for people very close to retirement. Although the legislation closes an unintended "loophole," the strategy was one of the few means married couples had to maximize their payouts. A similar provision was contained in Obama's 2015 fiscal year budget and was estimated to cut Social Security costs by as much as .5 billion annually. … Continued
Thrive Mindful Eating Four Ways To Conquer Your Eating HabitsTrustees Release Annual Reports.While the majority of workers pay Social Security on 100% of their earnings, people who earn the most, more than 8,500 a year, pay NOTHING on earnings over that amount..But she worries how she will manage another year with no net increase in her benefits. "This isn't right," she says. "Congress isn't looking out for the interests of seniors," she adds. "I'm going farther and farther into poverty." … Continued