Federal CTC and EITC
Expanding the Earned Income Tax Credit Can Support Older Working Americans
09. 03. 2019
The Cost-of-Living Refund (CLR) proposal from the Economic Security Project entirely eliminates the maximum age for the EITC.
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This article originally appeared in the Urban Institute.
“More older adults are working now than at any point during the previous 25 years. From 1994 to 2018, the share of adults ages 65 to 69 participating in the labor force increased from about 22 percent to about 33 percent.
But workforce participation is considerably lower for older adults who did not earn a college degree or high school diploma and who generally earn lower wages. These adults are particularly vulnerable to unstable retirement and may benefit from working, earning, and saving longer into their sixties.
Extending the earned income tax credit (EITC) to workers over the age of 64 without custodial children and increasing benefits for these workers could raise employment among older Americans. Staying in the workforce longer can help seniors make ends meet and improve their retirement security.”