House subcommitee chairman files bill to revamp Social Security
House of Representatives Ways and Means subcommittee on Social Security Chairman Sam Johnson, a Republican from Texas, introduced the proposed Social Security Reform Act of 2016. The measure aims to keep the program for about 75 years by increasing the retirement age, making the growth of benefits a little slower for higher income workers, and increasing the benefits for those who earned lower wages over a longer period of time.
However, research shows the proposal to increase the retirement age might not benefit lower income workers, who often do not live long.
Among the salient provisions of the bill:
- Increasing the normal retirement age of workers to 69
- Changing the formula for making calculations for retirees and disability benefit recipients becoming newly eligible in 2023, phasing in changes over 10 years
- Doing away with the earnings test
- Getting rid of federal income taxation of Social Security retirement and disability benefits
The goal of our attorneys at the Hankey Law Office is to ensure that you receive the Social Security disability benefits you applied for. Seek our legal assistance and representation by calling our Indianapolis offices today at (800) 520-3633.