Uveil plan to keep Americans from claiming Social Security too early
Lawmakers have introduced a new plan to discourage Americans from claiming Social Security benefits too early.
The proposal aims to incentivize people to delay claiming their benefits until they reach full retirement age.
The plan would create a new tax credit for those who wait until full retirement age or later to claim their benefits.
The credit would be available to individuals earning up to $50,000 per year and married couples earning up to $100,000 per year.
Currently, Americans can begin claiming Social Security benefits as early as age 62, but with a reduction in monthly payments.
The proposal is part of a broader effort to shore up the Social Security system, which is facing financial challenges.
Critics of the plan argue that it could unfairly penalize low-income Americans who may need the benefits earlier.
Supporters say it will encourage people to work longer and save more for retirement.
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