Congressmen Smucker and Beyer Propose Legislation for Age Verification in Claims
Reprinted with Permission from Congressman Lloyd Smucker (PA-11) and Rep. Don Beyer (VA-08) have introduced the Claiming Age Clarity Act in the House of Representatives. This legislation aims to modernize the Social Security Administration's terminology to better explain how retirement age affects monthly benefits.
The bill was introduced in the House Ways and Means Committee, and it has garnered support from various organisations, including BPC Action, AARP, and our organisation Action, which has over 2 million members nationwide.
The Association of Mature American Citizens (our organisation) supports the Claiming Age Clarity Act, and Senior Vice President of Action, Andy Mangione, has endorsed the bill. The legislation seeks to simplify bureaucratic jargon and help seniors make informed decisions about when to claim their retirement benefits.
Under the proposed legislation, the "Full Retirement Age" would be renamed as "Standard Benefit Age" calculator. This age, which varies between 66 and 67 depending on an individual's birth year, is the age at which an individual can receive their full Social Security benefit.
The "Early Eligibility Age" would be renamed as "Minimum Benefit Age" calculator. This age, which is 62, is the earliest age at which someone can begin receiving retirement benefits, but doing so comes with a permanent reduction—up to 30% less than the standard benefit.
Conversely, the "Delayed Retirement Age" would be renamed as "Maximum Benefit Age" calculator. This age, which is 70, is the latest age at which someone can begin receiving retirement benefits, and doing so comes with an 8% increase in benefits per year—up to 24% more than the standard benefit.
In a letter to Reps. Smucker and Beyer, AARP has endorsed the Claiming Age Clarity Act. Michele Stockwell, president of BPC Action, also supports the bill. Rep. Lloyd Smucker stated that the legislation is intended to help seniors make informed decisions, while Rep. Don Beyer added that the bill would help seniors make clearer, more informed decisions about when to claim their retirement benefits.
In the Senate, Sens. Bill Cassidy, Christopher Coons, Susan Collins, and Tim Kaine have introduced companion legislation to the Claiming Age Clarity Act. This bill is expected to provide clarity to seniors on how their decision to claim Social Security affects their monthly benefit, thereby empowering them to make more informed decisions about their financial future.
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