Fiscal cliff looms, older New Yorkers may be affected
Tue, 04 Dec 2012 10:16:02 GMT —
With the "fiscal cliff" looming, AARP is warning that changes being considered for Social Security and Medicare could harm older New Yorkers.
The clock is ticking closer to the end-of-year deadline to avert the fiscal cliff, which is a combination of the expiration of Bush-era tax cuts and automatic, across-the-board spending cuts. Some economists say the combination could send the economy back into recession.
AARP says a move being considered by Congress to increase the Medicare eligibility age from 65 to 67 would affect 331,713 New Yorkers.
The group says a proposal to change the way cost of living adjustments are calculated for Social Security could take roughly $7 billion out of the pockets of New York beneficiaries over the next decade.