RESOLVING THE LEDGER
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A proposed bill in Congress would scrap the "retirement earnings test" and allow those who claim Social Security before age 67 to work without a reduction in benefits. Supporters say the change could boost financial flexibility for seniors, while critics warn that it will further strain an already strained Social Security system.
There are millions of Americans between age 62 and full retirement age (FRA) who earn a paycheck while collecting Social Security benefits. The current system calls for an automatic benefit reduction each year. For example:
The loss of benefits is not permanent. Once a recipient reaches their FRA, the SSA recalculates their benefits to account for the months their benefits were reduced, adding those funds back in.
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