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Today Congressman Bill Posey (R-Rockledge) introduced the Senior Citizens Income Security Act of 2010 (H.R. 5725); legislation to help senior citizens improve their economic well being and restore some of the original promises that were made years ago through Social Security. The bill, which has already received the endorsement of a leading senior citizen’s group, the 60 Plus Association, helps restore a more secure retirement for our nation’s seniors.
 
“Most seniors have spent their entire lives working and paying into a system that guaranteed certain benefits at retirement age and this bill restores those promises,” said Congressman Posey. “We also eliminate arbitrary deadlines and requirements that cost seniors retirement savings and create unnecessary Medicare expenditures.”
 
Specifically, the Senior Citizens Income Security Act repeals the 1993 tax increase on Social Security benefits so that no senior is double taxed on their earned Social Security benefits. It also eliminates the requirement that seniors begin mandatory withdrawals from IRAs at age 70 and one-half.  This change will remove seniors from the unfair burden that forces them to begin withdrawals from retirement accounts in the aftermath of significant market losses. “Let’s give retirement accounts a chance to recover from the market downturn,” said Posey.
 
Furthermore, Posey’s bill eliminates Social Security payroll taxes for Social Security recipients who continue to work through their retirement to help make ends meet and allows seniors to continue receiving their earned Social Security benefits if they choose not to enroll in Medicare Part A.  It also creates a new $250 exemption to eliminate burdensome tax paperwork when seniors receive smaller amounts of income from savings accounts, dividends, or capital gains.
 
Recently Jim Martin, President of the 60 Plus Association, said that Posey’s bill will, “make a tremendous difference in the financial situation of millions of America’s seniors by providing them financial relief during one of the most negative and threatening economic environments since the Great Depression.”
 
“All generations of Americans should be able to realize the full promise of their retirement savings,” added Posey. “This bill does that and provides seniors with greater income security.”