In an effort to stimulate the economy, President Obama has once again called for an extension of the Social Security payroll tax cut, which was enacted in December of last year..Giving COVID vaccines in school gymnasiums and community centers has been just as healing for those giving the shots as for those of us getting them. Our vaccine hall was bubbling with excited happy voices and laughter. The moment I entered I was struck by how strange and rare that laughter had become and how much I had missed that sound!.According to most projections the change would cut benefits by about 7% over 25 years for current beneficiaries. But that estimate doesn't include the full cost of the cut for new retirees. Baby Boomers who have not yet turned age 60 would be hit particularly hard because the COLA is used in the Social Security benefit formula to adjust average monthly earnings once a person turns 60. The adjustment is automatically applied even if people haven't yet filed a claim for benefits. The COLA adjustments along with a delayed benefit credit helps to boost initial benefits of people who delay benefits and work longer..If adopted, S. 99 would provide for the negotiation of lower covered Part D drug prices on behalf of Medicare beneficiaries and the establishment of a formulary by the Secretary of Health and Human Services under Medicare Part D..TSCL Expects COLA Will Be About 1.4%.This week, The Senior Citizens League was pleased to see support grow for three key bills that would improve the Social Security and Medicare programs..Lawmakers Adjourn for Holiday Recess.White House Press Secretary Josh Earnest has said President Obama is involved in the discussions and that he is monitoring the movement of the omnibus very closely. Regarding the controversial add-ons, he told reporters, "Our objection comes to ideological riders that are partisan and that in most other cases would not be able to pass the United States Congress.".TSCL believes that Social Security and Medicare remain at high risk of major changes that would cut benefits and continues to meet with Members of Congress and their staffs. The COLA is particularly vulnerable due to the size of the reduction in the deficit it would have - both by cutting federal spending and boosting tax revenue. The next election will be one of the most critical in years for both retirees and older Americans within ten years of retirement. TSCL urges you to ensure that you and your family are registered and ready to vote this November!

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What can you do? Share this story. If you or someone you know was born in 1960, contact your Members of Congress! Let your Representative and Senators know that you are concerned about the permanent 9% cut that would affect the retirement benefits of everyone born in 1960. We can make Social Security more equitable, but it takes working together to make that happen..Check periodic costs: Next check for periodic costs like blood tests, X-rays, CT scans, dental and eye exams. These are the expenses you have once or twice annually, or every few years. When a new test is ordered, ask your doctor whether it's a one-time test, or whether it's likely you will be taking that test again periodically. Ask the recommended frequency for that test. Once you have a list of tests and the frequency and what it cost, you can start to develop a long-term contingency healthcare budget, at least based on your current health status..Surveys show a majority of Americans would like to see an increase in the Social Security payroll tax, but a new tax reform proposal would eliminate the 12.4 percent payroll tax altogether. This would end Social Security as we know it and transform it into a welfare program for older Americans. Do you support this drastic new proposal? … Continued

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The median income for those age 65 and older was ,757 in 2010.."Should Social Security's Cost-of Living Adjustment Be Changed?" National Academy of Social Insurance, April 2011..TSCL knows how crucial they are, and we pledge to keep fighting on your behalf. But your calls and emails to your Senators and Representatives on these issues that we write about are very important and can make a real difference. … Continued

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