FRANK SESNO, CNN ANCHOR: A new era of employment possibilities has begun for the nation's seniors; a little more lucrative it would seem. This morning, President Clinton signed into law legislation eliminating Social Security penalties against older Americans who work. CNN White House correspondent Kelly Wallace joins us now with details. Hello, Kelly.</s>KELLY WALLACE, CNN WHITE HOUSE CORRESPONDENT: Hello there, Frank. Well, just a short time ago, with the stroke of his pen, Mr. Clinton wiped away a Depression era penalty; a penalty that was put in place at a time the United States had a very high unemployment rate, and the goal was to encourage older Americans to retire, to open up jobs for younger Americans. But with today's booming economy, the tight labor market and employers clamoring for workers, the president said both Democrats and Republicans agreed unanimously that it was time to wipe that penalty away.</s>WILLIAM J. CLINTON, PRESIDENT OF THE UNITED STATES: This bill not only means that our seniors will be able to enjoy extra income and personal fulfillment that comes with work without being penalized, it means companies with labor shortages will have a fresh supply of experienced workers, increasing our ability to grow without inflation.</s>WALLACE: Eight hundred thousand older Americans, between the ages of 65 and 69, will no longer lose $1 in their Social Security retirement benefits for every $3 they earn above the earnings limit, which is now $17,000 per year. The new law also effects 100,000 Americans who haven't applied for benefits because they have jobs. And one other note: Since it is never too late to start thinking about your later years, the president highlighted a new Internet program, which you can find at the Social Security Administration Web site, where you can actually calculate an estimate of your future Social Security retirement benefits. And this is a way to help you plan for your retirement. To find out, you can just click on to that site, and that is: www.ssa.gov. Kelly Wallace, CNN, reporting live from the White House. Search CNN.com CNNSI.com CNNmoney.com The Web
Clinton Signs Bill to Eliminate Social Security Penalties Against Working Seniors