Social Security Issues
Archives: 2002
The Economic
Challenges facing Women as They Age (November, 2002)
Here are excerpts from
Dr. Alicia Munnell’s Keynote Address at the November 2002 “Women and
Aging: Issues for Life” organized by the New York Citizens’ Committee
on Aging Conference in New York City.
For more information call the NYCCOA at 212 353 3950 or email : info@nyccoa.org.
U.S.
to Review Big Payments for Medicare (November 13, 2002)
The US federal government said last week that
they planned a wide audit to make sure the payments to hospitals under
Medicare are properly used only for this program. In some cases they fear
reimbursement frauds.
Study
Tells U.S. to Pay More for the Best Medical Care (October 30, 2002)
The influential National Academy of Science has urged the government to
use its power as “single buyer” to reward good performance from
doctors, hospitals or nursing homes via higher fees or bonuses paid by
Medicare and Medicaid.
What
Seniors and Baby Boomers Need to Know About Medicare (October 28, 2002)
Here is an interesting article to help
baby-boomers know more about the U.S. Medicare program. There are two
parts, one free for the hospital costs and the other for medical costs but
with a monthly fee.
Lower
Medicare Payouts Concern Bush Officials (October 25, 2002)
Many doctors will be obliged to limit health care
for the elderly if cuts are made in Medicare payments. Does the Bush’s
government know that it will be harder for Medicare patients to find
physicians willing to treat them? Do they even care?
Bush
Seeks to Speed Low - Cost Generic Drug Access (October 21, 2002)
Two weeks before congressional elections in which
prescription drug costs have been an issue, President Bush proposed new
regulations aimed at bringing lower-cost generic drugs to market faster.
Bush
Seeks More Rules to Protect 401(k) Plans (October 20, 2002)
In light of recent scandals,
President
Bush said that "more steps are needed" to protect employee
retirement who saved money in tax-advantaged 401 (k) plans by investing
money in their own company shares.
Social
Security Announces 1.4 Percent Increase for 2003 (October 18, 2002)
Good news for American people’s monthly income,
among them elderly. The SSI announces a 1.4 % increase in 2003.
See
also Fact Sheet Social Security 2003 SOCIAL SECURITY CHANGES
Black
Friday for America’s Senior Citizens (October 18, 2002)
More and more healthcare providers refuse to take Medicare
patients, because the rates of pay from government are too low. The Bush
Administration announced the smallest increase in Social Security payments
in years and large increases in Medicare costs: "Social Security
payments in 2003 will go up only 1.4 percent, while the deductible for
Medicare Part A increases 3.5 percent and the premium for Part B jumps by
8.7%. "
Ads
Support Social Security Reform (October 2, 2002)
Social Security television ads and other print
media will be seen this month (October, 2002) to protect our Social
Security System. Bush’s bipartisan commission favoring personal
investment accounts is discussed.
Comparison
of the liability provision (October 2002)
The paper briefly discusses the liability issue
that the legislation provisions are intended to address.
What follows is a description of the liability provisions of the
Senate and House proposals.
Davis
to Sign Bill Allowing Paid Family Leave (September 23, 2002)
Measure grants most
workers time off to care for a new child or sick family members.
Supporters see it as a model for the nation.
Pension
Fund Bids for U.S. Airways Stake (September 19, 2002)
Alabama’s
pension fund make an other investment in US Airways debt : 240
million dollars.
The Long Term Care Conundrum
(September-October 2002)
The
cost of long term care has the potential to bankrupt most families very
quickly. Using Medicaid as the primary payer for long term care is a
demeaning outdated approach to As the baby boomers begin to utilize
Medicaid, we will see a dramatic increase in government expenditures to
pay for long term care.
Goodbye Surplus. Hello, Train Wreck
(September 3, 2002)
Bush's
tax cuts brought the budget deficit back, making it much tougher to pay
health and retirement benefits for aging baby boomers.
Expected payments of social security are looking more and more
elusive as events unravel.
Just Trust Us (August 30, 2002)
Paul Krugman believes that the public has been
duped. Bush’s promise to “not dip into the Social Security Surplus”
has simply not come true.
People Like Social Security as
Is, Says Washington Poll (August 20, 2002)
Seems that overwhelming majority of people want
to keep Social Security as is. Washington
Poll, highlights that only young adults between the ages of 18-24 were
more interested in privatizing social security.
Social Security, Medicare
projections improve ( August 19, 2002)
Both Social Security and Medicare are threatened by demographic realities:
There won't be enough workers paying into the systems in two decades to
support 100% of the benefits promised to the 77 million retirees of the
baby boom generation
Teachers Using Loophole (August 15,
2002)
Investigations are under way concerning the 4,800
teachers from Texas and Georgia who used a social security loophole,
allowing them to receive higher benefits after retiring.
Social Security Shell Game (August
12, 2002)
Former senators Bob Kerrey (Dem) and Warren B.
Rudman (GOP) touch on major social security issues effecting seniors and
baby-boomers. Today’s
system promises far more in future benefits than it can possibly deliver.
Open a Book, Then Dare to
Open That 401(k) Envelope (August 4, 2002)
The articles present new perspectives to the old idea of private pension
plans.
The Private Interest (July 26, 2002)
Bush
doggedly pushes partial privatization of Social Security to the table.
Success in privatization highly depends on the stock market.
The recent downturn in markets makes many middle class Americans vulnerable.
Stocks' Slide Undermines Support
for Social Security Privatization (July 23, 2002)
Bush campaigned with privatizing Social Security
in the 2000 election year. Currently,
with the market so unstable, the plans’ approval rating slipped from 46%
to 41%.
Democrats See Scandals as Chance
to Attack Privatizating Social Security (July 13, 2002)
In
light of the widespread accounting and insider trading scandals, the
Republicans refuse to debate the issue of privatization of the Social
Security. However, Democrats are pressing Republicans to debate this
issue as Congressional elections approach.
Regarding
Long-term Budget Implications for Social Security (June 19, 2002)
The speech, given by Barbara
Kennelly, the President and CEO of the National Committee to Preserve
Social Security and Medicare, presents arguments to preserve Social
Security. Kenelly claims that we do not need privatization of Social
Security, but indeed we ought to debate in order to strengthen the
program. She states that we can and ought to make Social Security strong.
Possible steps are considered.
The
Attorney General Goes to War (June 16, 2002)
Eliot L. Spitzer, the attorney general of New
York declares war on Wall Street. Dealing with large-scale targets such as
gun manufactures, drug companies and Midwestern polluters, Spitzer turned
to market practices. Recently, he announced that research analysts at
Merill Lynch had published false and misleading stock recommendations. In
result, the company is charged with $100 million, and company’s policies
and practices will be changed.
'Reinventing the Bazaar': Designing
Markets (June 16, 2002)
The article presents the overview of John McMillan’s book, “Reinventing
the Bazaar”. John McMillan is a professor of economics at Stanford
University’s Graduate School of Business. In his book, he argues that
markets are productive and beneficial for society; the government has to
provide certain conditions for markets to function properly, and the free
markets are the only path away from poverty for developing countries.
Social
Security Issue Rattling Races for Congress
(June 4, 2002)
In this election year, Republicans “changed”
their attitude toward Social Security. Regardless of the previous battles
for privatization of social security, Republicans do not have the
privatization issue of Social Security on their agenda in order to
minimize the attacks coming from Democrats in the coming “heat of
election”.
The gang that couldn't loot straight
(June 2, 2002)
William
Wolman and Anne Colamosca, in their new book “The Great 401(k) Hoax:
What You Need to Know to Protect Your Family and Your Future,” say that
privatization of Social Security and a shift of retirement money to 401(k)
would endanger the entire generation.
Women over 65 half
as likely to receive pensions; Those who do, get only half as much as men
(May 22, 2002)
A study released by the Institute for Women's Policy Research found that
women are less likely to receive pensions, and those pensions are a
fraction of what men receive. Most
part-time workers are women, and men tend to be in the workforce more
often. Another reason for the
smaller pensions is because women generally earn less than men.
Dr. Heidi Hartmann, president and CEO of IWPR, argues that defined
benefit plans are more beneficial to the retiree than defined contribution
plans.
House Boosts Social Security
for Some (May 15, 2002)
The House has increased Social Security benefits
for approximately 120.000 widows and divorced women. It would increase the
benefit limit for widows whose spouses both retire and die before they
reach full retirement age and cancel the two-year waiting period for
divorced women who remarry to receive benefits.
Boomers' Retirement
Wave Likely to Begin in Just 6 Years (April 2002) The
first of the boomers will be 65 in 2011, often cited as the year when the
age wave will arrive. Yet for over a decade, more than half of the new
recipients of Social Security benefits have opted to collect them at age
62, and close to 70 percent have done so before age 65. Consequently, it
is more realistic to anticipate the leading edge of the boomer wave
hitting in 2008.
Pension Change Puts
the Burden on the Worker (April 5, 2002)
The milestone is has its advantages since 401(k)'s and other retirement
accounts were never intended to be the main way for an employee to save
for retirement, they were only expected to supplement company-financed
pension plans. But it lacks the protection of the old pension plans, such
as benefit and federal insurance to protect retirees if a company goes
bankrupt.
Do You Plan to Retire? Think
Again (March 31, 2002)
The day is approaching when Americans will not have enough money when
retiring. Congress should consider whether only 401(k) savings are enough,
or whether there are better ways of saving for the future.
Recession Won't Impact Social Security,
Trustees Report i
(March 26, 2002)
Trustees reported that the recession did not affect the financial health
of Social Security and Medicare, but Congress needs to take steps to
support the programs before baby boomers reach retirement age. ``The
longer we wait the more difficult our choices will be in the future,''
``We cannot be so irresponsible we leave this problem for the next
generation,'' said Health and Human Services Secretary Tommy Thompson.
How Much Will You Need to Retire? It
Helps to Plan (March 17, 2002)
Some financial advisers convince retirees that they will need from 70 to
80 percent of their pre-retirement income to live comfortably when
finishing work. Other advisers disagree. It is believed that if your home
is paid for, you may need much less to retire than expected.
First Came 401(k)'s. Now, Some
Advice (March 12, 2002)
Many people were making wrong judgments when it came to investing
their 401 (k) money. What is
missing is some good advice from a personal financial adviser, but that
may require some initiative and some money.
Setting the Time on the Benefits Clock (March 12, 2002)
Planning for retirement can be a frustrating job, since you have no idea
how long you are going to live or need your retirement, it is then
difficult to decide when to take your social security benefits, or what to
do with your pension or 401(k).
Start Thinking About Retirement Plans
(March 7, 2002)
For some businesses, a retirement plan needs to be a priority for 2002.
Choosing a retirement plan may not be so easy, there are many
considerations that go into selecting a plan, so if a business owner
doesn't have extensive knowledge about retirement plans they should
consult an accountant or benefits specialist
Unreported Abuse
Found at Nursing Homes (March 1, 2002) Investigators
say that both physical and sexual abuse of residents of nursing homes have
not been reported to the authorities on time and is also rarely
prosecuted. Residents suffered serious injuries and in some cases may even
have died.
More U.S. Births, A Bit Less
Stress On Social Security
(February 25, 2002)
The U.S. birth rate rose to its highest level. That is the first
time since 1971 that the birth rate has reached a level high enough to
offset deaths. Population growth equals economic growth, but the writer
worries whether the rate of population growth is strong enough.
Elderly Say Budget Plan Will Cut a Needed
Meal (February 20, 2002)
Mayor Bloomberg proposed cutting the city's budget for the elderly by
$26.1 million or 16% on Wednesday February 20. The program that the mayor
plans to eliminate for a saving of $6 million provides a weekend meal to
12,000 elderly men and women.
Couples Need to Plan
Retirement (February 19, 2002)
Women live longer then men, but they often work less and earn less since
they drop out to take care of
their babies, reducing their pension and retirement benefits. Couples
should start considering these factors when planning for retirement.
Workers Find Retirement
Is Receding Toward 70 (February 4, 2002)
Americans are changing their retirement age. From World War II until the
mid-1980's, people retired at a younger age. But then, as 401(k) plans
gained approval and people stayed healthy longer, the trend gradually
reversed. Now the children whose parents stopped working at 65 are finding
that they must stay on the job until their late 60's or early 70's if they
want to live as well in retirement.
Republicans Can Win on Social
Security (January 31, 2002)
The author argues that Republicans have to openly
campaign on the privatization of Social Security in this election year. He
emphasizes how the President could promote and save the election for
Republicans. In addition, he strongly states that market but not the
government can manage Social Security in the most “efficient” and “safe”
way.
City
Reviewing Investment Strategy for Its Pensions (January 30, 2002)
New York and Florida are both
joined in the same struggle after losing millions of dollars in Enron
investments. Teachers, firefighters, police officers and other workers
lost $ 109 million in pension funds in New York City due to Enron
investments and $25 million in Kmart investments. The state sold its
remaining Kmart stock on Friday, after shares dropped to $1.74 each, and
is going to try to recuperate the $109 million lost in funds. Assistant
corporation counsel said, " Both Florida and N.Y.C are prepared to
commit all of the personnel and resources necessary to adequately manage
this litigation".
IRS:
Retirement Plans Could Be Invalid If Not Updated (January 29, 2002)
The IRS warned that retirement plans could become invalid if employers don’t
update their retirement plan. For most retirement plans the deadline in
Feb 28, thousands of plans could become illegal if not modified.
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