(Glenbeulah) Wisconsin Congressman Glenn Grothman recently introduced the Senior Independence Act. The Republican from Glenbeulah says the bill would remove government red tape that is acting as a disincentive for seniors to work.
For individuals between the ages of 62 and the full retirement age of 67, $1 is deducted from Social Security benefit payments for every $2 earned above the annual limit. For 2023, this limit is $21,240 annually. In future years, the limit will be adjusted annually based off the National Average Wage Index.
Under the Senior Independence Act, this limit would be raised to $30,000 annually. If signed into law, the Senior Independence Act would take effect beginning in 2024.
Grothman says the bill has been endorsed by the Association of Mature American Citizens and the National Taxpayers Union.
