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Washington, DC - Congressman Gene Green (D-Houston) introduced legislation that will allow our nation’s seniors to keep more of their hard-earned money. HR 3098, the Social Security Earnings Test Repeal Act of 2003, would amend Title II of the Social Security Act by removing the limitation on the amount of outside income which an individual may earn while receiving benefits under such title.
“The Social Security Earnings Test Repeal Act of 2003 will allow retirees to rejoin the workforce without the fear of a loss of benefits,” said Green. “We have no right to forbid or make more difficult someone’s desire to work.”
The Social Security Earnings Test prohibited individuals from receiving full Social Security benefits if their incomes exceeded a certain amount. Recognizing the unfairness of this situation, the Congress passed, and on April 7, 2000, President Clinton signed H.R. 5, the Senior Citizens' Freedom to Work Act. This law eliminated the Social Security earnings test for recipients between the "full retirement age" (currently age 65 and eight months) and age 70. Unfortunately, individuals who retire at age 62 are still penalized. This legislation would correct this inequity by repealing the earnings test for all seniors who choose to work.
“While this law was a great victory for seniors who chose to work once they reached retirement age, it does not eliminate the earnings test for seniors who choose to retire early at age 62,” added Green. "It is time to extend fairness to all seniors."
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