Senior Independence Act of 2022

Bill: 117-hr-6925
Sponsor: full_name: Rep. Grothman, Glenn [R-WI-6]
Introduced: 2022-03-03
Policy area: Social Welfare
Latest action: action_date: 2022-03-03
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2022-03-03
action_desc: Introduced in House
text: <p><strong>Senior Independence Act of 2022</strong></p> <p>This bill increases the amount of income that individuals who are less than the full retirement age may earn without incurring a reduction in their Social Security retirement benefits.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6925 IN THE HOUSE OF REPRESENTATIVES March 3, 2022 Mr. Grothman introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend title II of the Social Security Act to increase the monthly exempt amount for individuals not attaining full retirement age, and for other purposes.

1. Short title This Act may be cited as the Senior Independence Act of 2022 . 2. Purpose and findings (a) Purpose The purpose of this Act is to increase the base exemption used by the Social Security Administration in determining the annual earnings limit for early retirees before monthly benefits are reduced. This legislation would increase the annual earnings limitation to $30,000 (or $2,500 per month for less than full year calculations) for the year 2023 and adjusted for wage inflation in the following years as required by current law. (b) Findings Congress finds the following: (1) Allowing early retirees to earn more while retaining their Social Security benefits will have no impact on the solvency of the program because, under current law, any reductions in benefits for excess earnings are returned to the beneficiary after attaining full retirement age through increased monthly benefits. (2) Increasing the earning limit for Social Security beneficiaries will result in the potential for increased collection of FICA taxes used to fund the program. 3. Increase in monthly exempt amount for individuals not attaining retirement age (a) In general Section 203(f)(8) of the Social Security Act ( 42 U.S.C. 403(f)(8) ) is amended by adding at the end the following: (F) Notwithstanding any other provision of this subsection, the exempt amount which is applicable to an individual other than an individual described in subparagraph (D) shall be, for months in any taxable year ending after 2022 and before 2024, $2,500. . (b) Conforming amendments Section 203(f)(8) of the Social Security Act ( 42 U.S.C. 403(f)(8) ) is further amended— (1) in subparagraph (B)(ii)— (A) in the matter preceding subclause (I), by striking the taxable year ending after 1993 and before 1995 and inserting the taxable year ending after 2022 and before 2024 ; and (B) in subclause (II), by striking 1992 and inserting 2021 . (c) Effective date The amendments made by this Act shall apply with respect to months in taxable years ending in any calendar year after 2022.