Repealing this earnings limit is an important step in preparing Social Security for the 21st century. Mr. President, Social Security is a wonderful program. Now and in the future, both for today's seniors and for our children, Social Security is the foundation of a secure retirement for most Americans. Social Security has lifted millions from poverty, and is especially important to women. But the Social Security earnings limit discourages seniors from working.
Seniors can have their benefits reduced by as much as one-third as long as they work.
As a result, many seniors choose to cut back their hours, or stop working altogether. The fact is, the earnings limit is part of a bygone era. It is the product of the Great Depression, a time when folks believed that an individual should retire completely and make room for others to work. It is antiquated and anti-productive. Although Congress has made the earnings limit less onerous over the years, it has worked only too well.