Health Costs Issue Brief Explaining Health Care Reform Questions About Health 2The new analysis by Johnson compared the growth of retiree benefits from 2009 through 2020 to learn how much more in income retirees would receive if COLAs had grown by a more typical rate of 3 percent. The analysis found that an "average" retiree benefit of ,075 per month in 2009 has grown to ,249 in 2020 but, if COLAs had averaged 3 percent, that benefit would be 7 per month higher today, and those individuals would have received ,227.40 more in Social Security income over the 2010 to 2020 period..In addition to rapidly growing Medigap premiums, retirees also must pay for premiums for Medicare Part B and their drug plans. The combination takes a bigger bite out of Social Security benefits and other retirement resources when COLAs fail to keep pace. "The financial drain on benefits is difficult to anticipate, and many retirees don't have adequate savings to begin with," Johnson says..This is one of the many retirement questions for which there is no straightforward answer. Many financial advisors recommend delaying the start of Social Security until you are at least your full retirement age or better yet, to wait until age 70. At your full retirement age, you would be eligible for 100% of the benefit to which you are entitled. However, for every year you delay until age 70, your Social Security benefit will grow 8%. Your benefit at age 70 would be 32 percent higher than you would get at 6That's a return that's very hard to find these days. … Continued
Issue Brief The Covid 19 Vaccination Line An Update On State Prioritization PlansSecond, the end of the 2020 fiscal year is drawing ever nearer, and Congress needs to pass legislation to fund the government for fiscal year 2021, which begins on September And finally, the end of July and beginning of August, the month that Congress traditionally is in recess..The CR will fund the government through this coming Friday, Dec. 18, at the same level as fy2020 funding. If they still can't reach an agreement it is likely they will pass another CR that will go to the end of the year. That would give them time to go home for Christmas and then return to Washington to continue trying to reach a final agreement..TSCL is disappointed that Congress has not yet taken action to avert an irresponsible default on the federal debt, and we urge our members and supporters to contact your representatives in Congress to request a clean and immediate increase in the debt ceiling. For updates on the status of this important issue, visit TSCL's website at, or find us on Facebook and Twitter. … Continued