Senior Independence Act of 2023

HR 1783, the Senior Independence Act of 2023, increases the annual earnings limit for Social Security early retirees. It raises the monthly exempt amount from $1,970 (under current law) to $2,500 for 2024, allowing people collecting benefits before full retirement age to earn more without having their monthly payments reduced. This change applies to taxable years ending after 2023, with future adjustments for wage inflation. The bill directly affects early retirees who continue working, enabling them to keep more of their earnings while retaining Social Security benefits.