AMAC is pleased to partner with Senator Marco Rubio (R-FL) in support of his latest bill, the “Let Seniors Work Act of 2014.” This important piece of legislation aims to help mature Americans and seniors save more money for retirement and to prevent them from becoming victims of excessive taxation. The “Let Seniors Work Act of 2014” eliminates the 12.4% Social Security payroll tax for individuals who have reached the age of retirement. Currently, this tax discourages older Americans from working past the retirement age, given that they must continue to pay Social Security taxes while receiving no extra benefits in return. AMAC believes repealing this tax for retirement-aged individuals will enable seniors to continue to bolster their personal retirement savings accounts and will decrease their dependency on Federal assistance programs in the future. Additionally, the “Let Seniors Work Act of 2014” abolishes the Retirement Earnings Test (RET) – another benefit-reducing method that targets seniors making in excess of $15,000 per year. As the representative voice of 1.2 million mature Americans and seniors across the country, AMAC will continue to advocate for initiatives that encourage Americans to work and plan responsibly for retirement.
May 13th, 2014
The Honorable Marco Rubio
284 Russell Senate Office Building
Washington, DC 20510
Dear Senator Rubio,
On behalf of the 1.2 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 2014.” 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 2014” 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 the fastest-growing alternative senior advocacy organization in the country, 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 2014.”
President and Founder of AMAC