"For people who make a lot of money, it doesn't matter to them. But if you're in that middle income or lower bracket, where losing dollars in the moment will mean the difference between you being able to pay for your medicine or food, then that is a disincentive (to work), period, full stop."
"Under current law, beneficiaries who begin collecting benefits early typically before ages 66 to 67 face income limits. In 2026, individuals below full retirement age can earn up to $24,480 annually before penalties apply."
"Supporters of repealing the earnings test argue it reflects outdated policy."
The Senior Citizens' Freedom to Work Act seeks to repeal the retirement earnings test that reduces Social Security benefits for working retirees. Currently, beneficiaries who claim benefits early face income limits, with penalties for exceeding them. Critics argue this policy discourages continued employment, particularly for lower-income workers who may struggle with financial burdens. Supporters believe the earnings test is outdated and should be eliminated to allow seniors to work without losing benefits, reflecting a shift in how retirement is perceived in modern society.
Read at www.housingwire.com
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