By Joyce Kryszak
http://stream.publicbroadcasting.net/production/mp3/wbfo/local-wbfo-834153.mp3
Williamsville, NY – Unites States Congressman Chris Lee has introduced legislation he said Monday would help Americans more quickly restore savings lost because of the poor economy.
According to a recent National Public Radio survey, Americans are more worried about their lost investments and savings than they are about losing their jobs. That survey got Lee's attention. He said the reality of those concerns is why he co-sponsored the Savings Recovery Act. Lee said the bill is a three-pronged approach to help people rebuild retirement and savings accounts.
If passed, the law would increase the limits on contributions to retirement accounts. That would include "catch-up" contributions for people older than 50 who are trying to rebuild their IRAs. The bill also would provide up to a $2,000 tax credit per family for contributions to college savings plans.
But, perhaps the biggest benefit would be for retirees. The law would double the amount of money seniors could earn without losing social security benefits. Lee said retirees should not be penalized because the economy went sour.
Right now, retirees lose benefits if they make more than roughly $14,000 a year. Lee said this is common-sense legislation that his constituents are telling him is needed. Lee said Republicans are trying to build support for the legislation so it can be brought to the floor for a vote.
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