A bill to amend title II of the Social Security Act to repeal the retirement earnings test, and for other purposes

Progress

Timeline

• Mar 24Read twice and referred to the Committee on Finance.

Summary

**What this bill does:** This bill would eliminate the "retirement earnings test" from Social Security, which currently reduces benefits for people who claim Social Security before full retirement age while still earning income from work. **Who it affects:** - People aged 62-66 who want to collect Social Security benefits while continuing to work - Currently, these individuals have $1 deducted from benefits for every $2 earned above annual limits (around $22,000 in 2024) **What would change:** If passed, people could collect full Social Security benefits starting at age 62 regardless of how much they earn from employment. This would remove the financial penalty that currently discourages early retirees from working. **Current status:** The bill is still in committee and has not been voted on by Congress. This change would increase Social Security payments to working early retirees but would also increase overall program costs.

How This Affects You