Tell Congress Not to Leave Seniors Stranded

The Older Americans Act (OAA) is critical to helping seniors live independently as they age. Last month, the Senate HELP Committee unanimously approved the Older Americans Act Reauthorization Act of 2015, a bipartisan bill supported by AARP. The bill now awaits a vote in the full Senate. This is the third in a three-part series detailing the importance of programs funded by the OAA to the dignity of seniors across America. How would you get to your doctor’s appointment if you didn’t have a car? …

Obama Budget Would Drastically Alter IRA Rules

President Barack Obama calls them loopholes, although investors consider them playing by the rules. Yet under the president’s newly released budget, some of the tax strategies used by high-income earners to contribute to Roth IRAs or maximize the tax benefits on inherited IRAs would go away. Right now, to make a full or partial contribution to a tax-friendly Roth IRA, income must be under $131,000 for an individual and $193,000 for a married couple. High earners have gotten around this by …

Poll: If Court Rules Against Obamacare Subsidies, Most Want Them Restored

A new poll finds that most people think Congress or states should act to restore health insurance subsidies if the Supreme Court decides later this year they are not permitted in states where the federal government is running the marketplace. The court in March is set to hear King v. Burwell, a lawsuit arguing that the wording of the Affordable Care Act means that financial assistance with premiums is available in only the 13 states that created and are running …

New House Rule Limits Full Consideration of Social Security Solutions

AARP wrote to members of the House of Representatives to express our strong concern with a last-minute amendment to H.R. 5, the House Rules Package for the 114th Congress, that would effectively limit potential options regarding Social Security, including options to protect benefits under the Social Security Disability Insurance Program. Under the amendment, the House could only consider legislation affecting any part of the Social Security program if the overall effect of the changes improved Social Security’s Old Age and …

Congress Extends a Few Tax Breaks for You

So Congress wasn’t totally Scrooge-like this holiday season, as members tossed a few tax breaks to the rest of us. They passed legislation to extend a number of tax breaks that expired at the end of last year. If they hadn’t, you wouldn’t be able to take various deductions and credits when filing your 2014 tax return. >> Discussion: How do you make the most of your money? Among the key tax breaks for individuals: IRA charitable deduction. Those 70½ and older …

Those Pension Cuts and What You Need to Know

Congress recently carved a hole in a 40-year-old pension law that has prevented employers from cutting benefits earned by those already retired. This change applies to people covered under multiemployer plans that are in critical financial shape. Here’s what you need to know: What is a multiemployer plan? This is a pension covering workers and retirees from more than one employer in the same or related industries, such as trucking or construction. (Most of them were established under collective bargaining between …