Having multiple income streams is common, even among retired seniors. In fact, it’s becoming more common for seniors to work after retirement.

As of June 2020, the average senior citizen collects $1,514 per month in Social Security benefits. At a glance, this sum seems like enough to cover the monthly cost-of-living.

The reality is, it isn’t. The monthly rent for senior independent living facilities ranges costs, on average, from $1,500 – $6,000 per month.

Looking at the average benefits collected in relation to the average cost of rent, seniors are not given enough to live comfortably and securely.

With this data, it is no wonder that many seniors choose to continue working after retiring from their careers. This additional income provides a means for seniors to afford other necessities, like food and medications, while also allowing them to remain financially independent.

However, in 2021 the limit for non-taxed additional income for retired seniors younger than 67 years old will be $18,960 annually—an additional $1,580 a month.

This means that if a person happens to have an income higher than the non-taxed limit, benefits are reduced. For every additional $2 made above the limit, $1 is deducted from benefits.

Creating Change

That is why the Senior Security Alliance is calling on Congress to immediately pass The Senior Citizens Bill of Rights.  

Right #5 of our bill allows senior citizens receiving benefits to collect additional income after retirement without additional taxes.

Your right to your Social Security benefits should not be diminished because you earn additional income. With the sky-rocketing prices of necessities these days, that additional income is crucial to the financial security of many senior citizens.

Take Action

Please sign our petition to pass this critical bill. Protect your right to collect the entirety of the benefits you earned.