Senior Independence Act of 2023

Bill: 118-hr-1783
Sponsor: full_name: Rep. Grothman, Glenn [R-WI-6]
Introduced: 2023-03-24
Policy area: Social Welfare
Latest action: action_date: 2024-12-17
text: Referred to the Subcommittee on Work and Welfare.

Summaries:
action_date: 2023-03-24
action_desc: Introduced in House
text: <p><b>Senior Independence Act of 2023</b></p> <p>This bill increases the amount of income that individuals who are younger than their full retirement age may earn without incurring a reduction in their Social Security retirement benefits.</p> <p>Under current law, retirement benefits are reduced for beneficiaries who are younger than their full retirement age (generally 66-67, depending on year of birth) if their earnings exceed an annual limit. This bill increases the limit ($21,240 in calendar year 2023) to $30,000. Under current law, this limit is adjusted annually for wage inflation. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1783 IN THE HOUSE OF REPRESENTATIVES March 24, 2023 Mr. Grothman (for himself and Mr. Gosar ) 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 2023 . 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 2024 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 2023 and before 2025, $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 2023 and before 2025 ; and (B) in subclause (II), by striking 1992 and inserting 2022 . (c) Effective date The amendments made by this Act shall apply with respect to months in taxable years ending in any calendar year after 2023.