Fedweek

President Clinton has signed into law a measure (HR-5) repealing the “earnings test” for Social Security recipients aged 65-69 who continue to have employment-related earnings. The provision currently affects some 800,000 Social Security beneficiaries. The repeal is effective retroactive to the beginning of this year, meaning that payments averaging about $3,500 will go out to those who have had Social Security benefits withheld because of the earnings test this year.