106-20
April 7, 2000
The President Signs the “Senior Citizens’ Freedom to Work Act of 2000”
Today, President Clinton signed into law P.L. 106-182, the Senior Citizens’ Freedom To Work Act of 2000. As yet, a public law number has not been assigned.
The legislation:
- Eliminates the Social Security retirement earnings test in and after the month in which a person attains full retirement age–currently age 65. Elimination of the retirement test would be effective with respect to taxable years ending after December 31, 1999.
- In the calendar year the beneficiary attains the full retirement age, permanently applies the earnings limit for those at the full retirement age through age 69 ($17,000 in 2000, $25,000 in 2001 and $30,000 in 2002) and the corresponding reduction rate ($1 for $3 offset) to all months prior to attainment of the full retirement age. (In applying the earnings test for this calendar year, only earnings before the month of attainment of full retirement age are considered.)
- Permits, beginning with the month in which the beneficiary reaches full retirement age and ending with the month prior to attainment of age 70, the retired worker to earn a delayed retirement credit for any month for which the retired worker requests that benefits not be paid even though he/she is already on the benefit rolls. On March 1, 2000, the House approved an earlier version of H.R. 5. The Senate approved an amended version of the legislation on March 22, 2000. The House agreed to the Senate amendment to the legislation and cleared the measure for transmission to the President on March 28, 2000. For additional detail, see Legislative Bulletins 106-16, 106-17, 106-18 and 106-19.
Sterling Raskie, MSFS, CFP®, ChFC®
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