Advocacy / Politics / Support Letters

Let Seniors Work Act of 2015

AMAC recently supported the bill S. 767 and H.R. 1395, the “Let Seniors Work Act of 2015.” This legislation was introduced by Senator Marco Rubio (R-FL) and rightly eliminates the Social Security payroll tax for individuals who have reached the age of retirement, thereby incentivizing mature Americans and seniors to stay in the workforce longer and enabling them to save more of their own money as they approach a critical stage in life. Individuals who are 65 and older are forced to continue to pay Social Security Taxes while receiving almost no extra benefits in return. Seniors between the ages 62 and 65 who make in excess of $15,000 per year get an additional 50% tax on top of all other taxes being paid with the Retirement Earnings Test (RET). This bill will abolish both bills and lead a responsible step towards reform because it prevents individuals from being overly taxed. AMAC believes it is important to continue to support initiatives that help Americans prepare for retirement and to accumulate additional funds to supplement their retirement income.

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March 27, 2015

The Honorable Ron DeSantis
6th District, Florida
308 Cannon House Office Building
Washington, DC 20515

Dear Representative DeSantis,

On behalf of the 1.3 million members of AMAC, the Association of Mature American Citizens, I am writing to extend our support to your bill, the “Let Seniors Work Act of 2015.” This important bill rightly eliminates the Social Security payroll tax for individuals who have reached the age of retirement, thereby incentivizing mature Americans and seniors to stay in the workforce longer and enabling them to save more of their own money as they approach a critical stage in life.

Currently, the 12.4% Social Security payroll tax discourages individuals aged 65 and older from working past the retirement age because they continue to pay Social Security taxes and receive almost no extra benefits in return. For this reason, the “Let Seniors Work Act of 2015” seeks to repeal this excessive tax, making it more advantageous for seniors who want to continue to work and plan responsibly for retirement. Those who continue to work past the retirement age stand to bolster their personal retirement savings accounts and decrease their dependency on Federal assistance programs. AMAC believes it is important to continue to support initiatives that help Americans prepare for retirement and to accumulate additional funds to supplement their retirement income.

In addition, this bill also appropriately abolishes the Retirement Earnings Test (RET). The RET reduces benefits for seniors between the ages of 62 and 65 who make in excess of $15,000 per year, meaning that seniors incur an additional 50% tax on top of all other taxes being paid, including the Social Security payroll tax.

As an organization dedicated to representing the interest of older Americans, AMAC has made the issue of both Social Security and tax reform a top priority. AMAC believes this bill is a necessary and responsible step toward reform because it prevents individuals from being overly taxed and helps mature Americans save more money for retirement. Thanks to your concern and attention for this significant issue, AMAC is pleased to support the “Let Seniors Work Act of 2015.”

Sincerely,
Dan Weber
President and Founder of AMAC

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