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Inflation has been taking its toll on retirees, especially those who rely solely on Social Security. But have no fear, Senator Bernie Sanders (I-Vt.) and seven Democratic cosponsors recently introduced S. 4365, the Social Security Expansion Act, a bill to enhance Social Security benefits and ensure the long-term solvency of the Social Security program. If this bill passes, retirees 62 and over would start to receive an additional $200 a month in benefits beginning in January 2023. Most retirees rely heavily on Social Security benefits, and for some it’s their only source of income. Currently, Americans will stop receiving their...

President Biden told union workers at the AFL-CIO convention in Philadelphia, that Republicans want to get rid of Social Security, Medicare, and Medicaid based on a proposal by National Republican Senatorial Conference Chairman Sen. Rick Scott (R-Fla.), which calls for all federal legislation to sunset in five years. “All federal legislation sunsets in 5 years. If a law is worth keeping, Congress can pass it again,” Scott’s proposal states. […] Biden attributed Scott’s proposal to the Republican Party despite Senate Minority Leader Mitch McConnell (R-S.C.) saying months ago that such a proposal will not be part of the Republican agenda....

A week ago we learned that the go-broke date for Social Security had been pushed back by a whole year:The annual Social Security and Medicare trustees report released Thursday says Social Security’s trust fund will be unable to pay full benefits beginning in 2035, instead of last year’s estimate of 2034. The year before that it estimated an exhaustion date of 2035.The projected depletion date for Medicare’s trust fund for inpatient hospital care moved back two years to 2028 from last year’s forecast of 2026…When the Social Security trust fund is depleted the government will be able to pay 80%...

Partial transcript: “So this time we have a worse financial crisis than last time and nobody gets a bailout, nobody gets a government check there is no TARP there is nothing and what does that mean that means the US government instead of sending stimulus checks to Americans who were struggling, who are unemployed the US government is actually going to send Americans a bill because the government is going to be forced to raise taxes on the people who still have jobs because that's the only way it can pay its bills but you know what else they're going...

The application window opens Thursday for Los Angeles County's new guaranteed income program. The program will provide 1,000 randomly selected residents with $1,000 a month for three years. To qualify for the "Breathe: LA County's Guaranteed Income Program," people must be at least 18 years old, have a household income under $56,000 for a single person or $96,000 for a family of four and have experienced negative impacts due to the COVID-19 pandemic. Participants will receive the money through a debit card, and there are no strings attached or conditions to the income.

Millions of seniors today rely on Social Security as a critical source of retirement income. And chances are, many future retirees will depend heavily on those benefits as well. But Social Security is facing its share of financial challenges that could have devastating consequences for current and future retirees alike. And if lawmakers don't intervene, the results could be downright catastrophic. There's a serious revenue shortfall at play Social Security primarily relies on payroll taxes (the ones we all hate paying) to stay afloat. But in the coming years, that income stream is expected to shrink. That's because baby boomers...

Hi FRiends, Happy Thanksgiving I hope you are having good weather and a relaxing time. I have a Question on Medicare Plans. My Wife and I are thinking about Advantage Plans to replace Traditional Medicare. We are 81/83 now and active. We currently have Traditional Medicare with a Gap Policy. The latest offerings from United Healthcare Advantage Plans seem to have taken care of out-of-network services with their Passport which create instantaneous in-network charges in most States that we visit. Emergency care is Covered in any State. Our current Doctors accept this Advantage Plan. Our Saving would be about $5000./year...

(CNN)The federal government announced a large hike in Medicare premiums Friday night, blaming the pandemic but also what it called uncertainty over how much it may have to be forced to pay for a pricey and controversial new Alzheimer's drug. The 14.5% increase in Part B premiums will take monthly payments for those in the lowest income bracket from $148.50 a month this year to $170.10 in 2022. Medicare Part B covers physician services, outpatient hospital services, certain home health services, medical equipment, and certain other medical and health services not covered by Medicare Part A, including medications given in...

Key PointsSocial Security provides a periodic cost of living adjustment.Seniors will see their benefits increase by 5.9% in 2022.The rising costs of five necessities could mean the COLA may not provide much extra buying power.Social Security benefit checks will be much larger next year for retirees. Seniors receiving retirement benefits are entitled to annual cost of living adjustments (COLAs) to help maintain their buying power. The 2022 COLA will provide older Americans with a 5.9% benefit increase.While this may seem like a lot of extra money, the sad reality is that rising prices in some key areas are likely to...

Although Social Security has been around for a long time, the program continues to evolve. And one positive change that has the potential to arise in the near term is a generous cost-of-living adjustment, or COLA. COLAs are the annual raises seniors on Social Security are entitled to. They're not guaranteed, and there have been years when seniors have gotten no boost to their benefits at all. A nice windfall could be on the way In recent years, Social Security's COLAs haven't been much to write home about. In 2021, seniors saw their benefits increase by 1.3%. In 2020, they...

Social Security and Medicare, the government's two biggest benefit programs, remain under intense financial pressure with the retirement of millions of baby boomers and a devastating pandemic. Social Security will be unable to pay full benefits starting in 2034, a year earlier than previously forecast, due to impact of the crisis.

Wicked glee from Bill Gates to deny retired people their Social Security unless they get vaccinated. https://twitter.com/NewsAlternative/status/1423164308167352320

U.S. states putting an early end to federal unemployment benefits saw a larger jump in local labor supply in June than those planning to maintain the $300 weekly supplement until early September, new data show, though there was no clear sign it had led to significantly more hiring. State-level jobs data released earlier this month show that in the 26 states stopping benefits early an additional 174,000 people joined the labor force in June, by either taking jobs or beginning work searches, compared to 47,000 in the other states. Citing workforce shortages, those 26 states terminated early at least one...

Most conservatives recognize the federal government faces enormous fiscal problems—both a large overhang of debt from spending in years past, and sizable deficits forecast for the years to come. But what to do about it?While spending on things like earmarks and Congress’s failure to right-size spending when passing tax relief have worsened our fiscal woes, at bottom the United States’ financial shortfalls stem from unsustainable entitlements: Obamacare, Medicaid, Social Security, and Medicare. These programs comprise a large, and growing, share of the federal budget, particularly as the Baby Boom generation retires.In the immediate future, President Joe Biden and his Democrat...

Democrats want to use stimulus money to make you into the people populating Disney's cartoon 'Wall-E.' Instead, turn it into a weapon for antifragility.Democrats’ fifth round of “coronavirus” “stimulus” will soon hand another $1,400 in government debt, plus interest, to every American man, woman, and child in 90 percent of U.S. households. It’s clear this is yet another round of hush money meant to keep Americans quiet and distracted while Democrats restructure the United States into a larger version of their failed uniparty state, California.While COVID times have been obviously worse than the four years of prosperity and freedom under...

There’s no question the Social Security retirement trust fund will run out of money, and the current recession will make that happen faster than previously forecast. The key questions now are: When will the trust fund be exhausted? How (and when) will Congress respond? How can individuals protect their retirement security?The 2020 annual report from the trustees of Social Security was issued last April and estimated the retirement trust fund would be depleted and unable to help pay benefits in 2034.That report was based on data through the end of 2019 and didn’t anticipate the sudden and severe recession caused...

@thehill Rep.-elect Jamaal Bowman: "We need to bring H.R. 40 to the floor for a vote. We need reparations for the African American community. We need a federal jobs guarantee. We need Medicare for all."

Donald J. Trump @realDonaldTrump Covid Relief Negotiations are moving along. Go Big! 8:48 AM · Oct 9, 2020·Twitter for iPhone 20K Retweets 2.2K Quote Tweets 112.2K Likes MatthewJshow @MatthewJshow · 4h Replying to @realDonaldTrump GREATEST PRESIDENT EVER!

The $3 trillion coronavirus aid package Democrats introduced Tuesday calls for the Treasury to make payments of up to $10,000 per student loan. The proposal, which Democrats plan to vote on Friday, calls for Treasury to make student loan payments until September 2021. Any unused portion of the $10,000 would be applied to the outstanding loan balance if it’s not reached by the 2021 deadline. Senate Democrats earlier this year proposed the cancellation of student loan payments during the coronavirus pandemic in addition to wiping out at least $10,000 in student loan debt.

Treasury Secretary Steven Mnuchin said Monday the Trump administration is prepared to back additional stimulus money to blunt the economic pain of the coronavirus pandemic if necessary. "If we need to put more money out to support American business and American workers, the president is absolutely prepared to do that," Mnuchin told FOX Business' Maria Bartiromo on Monday.