John Shaw: “I obviously strongly support H.R. 5, legislation that would repeal the earnings penalty for hard-working seniors age 65…”

“I obviously strongly support H.R. 5, legislation that would repeal the earnings penalty for hard-working seniors age 65 and over. Many seniors are shocked to learn that if they work past the age of 65 they may lose some or even all of their Social Security benefits. This is due to something called the Social Security 'earnings limit' or 'earnings penalty.' This rule has been in place since Social Security started in the 1930's, but that does not make it right. Because of this rule, many older people left the workforce, making their jobs available for younger workers. That policy may have made sense during the Great Depression when those jobs were needed. However, that clearly does not apply today. Today's economy needs the experience and ability of seniors; yet the earnings penalty has lived on. Seniors affected by this penalty lose an average of $8,000 in benefits per year. Nationwide, about 800,000 lost benefits just last year, and thousands more avoided losing benefits by cutting back on how much they worked in order to avoid this unfair penalty.”