The Federal Government via our elected officials has squandered the Payroll Taxes that were designated to fund retirement benefits for workers. Now to make up short falls, our elected officials have taxed Social Security benefits for certain individuals. Under the premises of class warfare, "wealthy" retirees' Social Security benefits are subject to taxes. After reaching the full retirement age (66), one may continue to earn income and draw full Social Security retirement. However, retirees that take early retirement are hit with a 50% "tax" ($1.00 for each $2.00) on income earned over $12,960. I will support legislation to remove the working penalty on retirees that take early retirement.
Don't forget that as "Baby Boomers" retire from federal employment, the government is having trouble recruiting younger qualified workers. So while the government taxes our Social Security, they are hiring retired federal workers who may keep their full federal retirement and earn a salary as a "contract" employee. What a deal!
We have to learn to not depend on the Government for our welfare, happiness, or our retirement. There is no valid reason that Individual Retirement Accounts (IRA) are limited to $4,200 except the Federal Government under the Tax and Spend Democrats wants more and more of our money. I will support legislation to increase the IRA deduction to $30,000 or 30% of earned income which ever is largest.