Social Security is a large portion of many Americans’ retirement incomes, and Congress is working on a number of solutions to strengthen the program and increase efficiency for beneficiaries.
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Social Security is a large portion of many Americans’ retirement incomes, and Congress is working on a number of solutions to strengthen the program and increase efficiency for beneficiaries.
At the end of June, I joined Ways and Means Social Security Subcommittee Chairman Sam Johnson of Texas in introducing the Providing Choice for Social Security Retirees Act. This bill would provide Social Security Old-Age (OASI) beneficiaries the option to claim a portion of their delayed retirement credit in a one-time, partial lump sum.
A modernized Social Security should allow seniors to make their own retirement decisions rather than pressure them to conform to a one-size-fits-all program. This additional option ensures seniors who choose to remain in the workforce beyond their full retirement age have greater flexibility to determine how they access their benefits. Workers have paid taxes into Social Security with the expectation their benefits will be there in retirement, and they should be able to choose the method of receiving these benefits which best suits their needs.
Another crucial part of strengthening Social Security is preventing fraud and abuse. I am a cosponsor of the Social Security Disability Insurance and Unemployment Benefits Double Dip Elimination Act to prevent beneficiaries from receiving Social Security disability benefits and unemployment benefits at the same time. This is an important step to preserve Social Security disability benefits for those who truly are unable to work.