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| The Social Security Earnings Limit |
February 22, 2000 |
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Dear Friends,
I`m home working in Albuquerque over President`s Day, but I want to tell you about an important vote coming up when we return to Washington next week: The Senior Citizens Freedom to Work Act.
Over 800,000 seniors lose part or all of their Social Security benefits because they continue to work. It`s called the Social Security "earnings
limit". Seniors aged 65 - 69 who earn more that $17,000 this year will lose $1 of their Social Security for every $3 of wages they earn above the limit. There is no earnings limit for those 70 and older.
When Social Security was created during the Great Depression, the earnings limit encouraged older people to leave the workforce so jobs would be
available for younger workers. We don`t need to do that anymore.
Some of New Mexico`s best workers have gray hair (or no hair at all!) and we`re living longer. It makes sense to let seniors earn a good living and
enjoy productive retirement years without being penalized.
We`ve stopped the raid on the Social Security trust fund. Next week, we`re going to vote to end the "earnings limit". And I think we`ve got the votes to pass it! Stay tuned!
Good to be home,
Heather |
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