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Some Social Rule Changes Could Benefit Seniors - The Motley Fool
There’s no question that the Social Security rulebook is complex. Of course, you need rules to manage a program affecting 75 million people. Still, sometimes it becomes obvious to many that there are specific directives that ought to be examined because they’ve become unnecessarily restrictive on the very folks they are intended to benefit. Such is the case with three rules that might benefit from revision as a pathway to improving the current system for those dependent on it.
The Motley Fool’s Maurie Backman, in a post on their website, cites these three cases where change could be considered: the cost-of-living adjustment (COLA) calculation, the do-over option, and the retirement earnings test. The COLA item is in the news frequently these days, while the do-over restriction only occasionally draws attention. The third rule–the earnings test–is important to consider. The Social Security Earnings Test severely limits the ability of early retirees to earn income without having their benefits reduced. Because of this provision, many older Americans are forced out of the workplace when they would otherwise continue contributing to payroll tax revenue. Removing this provision would allow early retirees to increase their earnings while receiving Social Security benefits.
Check out Ms. Backman’s post here…
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