House Passes Senior Citizens Freedom to Work Act
On March 1, the House of Representatives passed by a vote of 422-0, H.R. 5, The Senior Citizens' Freedom to Work Act of 2000.
This major bill eliminates the Social Security "earnings test" which currently limits the amount of outside income retirees can make without suffering a reduction in Social Security benefits.
Under the current law, persons between age 65 - 69 who continue working lose $1 in Social Security benefits for every $3 in wages above an annual limit of $17,000. The Senior Citizens' Freedom to Work Act eliminates this reduction and will allow approximately 800,000 people between age 65 - 69 to continue working without any reduction in their Social Security benefits no matter their amount of outside income.
Federal budget analysts estimate elimination of the earnings test will cost the Social Security account $22.7 billion over the first 10 years, but over a longer period, the account would not be impacted since more people will be working and paying into the fund.
The Act is expected to pass the in the Senate and President Clinton has promised to sign it into law.
"As the baby boomers begin to retire, it is more important than ever that older Americans who are willing and able to work should not have their Social Security benefits deferred when they do," said the President.
The Senior Citizen's Freedom to Work Act of 2000
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