“This bill would fix outdated language, help clear up confusion for older Ohioans and ensure they have what they need to plan effectively.”
WASHINGTON – Sen. Jon Husted (R-Ohio) joined Sens. Bill Cassidy (R-La.), Susan Collins (R-Maine), Tim Kaine (D-Va.) and Chris Coons’ (D-Del.) Claiming Age Clarity Act. This bipartisan bill would modernize outdated language used by the Social Security Administration (SSA) to help people better understand the timing of their decisions to claim retirement benefits.
One of the key financial decisions facing Americans is when to claim Social Security retirement benefits. Social Security benefits are available to Americans who are as young as age 62, but those who choose to claim their benefits later receive higher monthly payments, with the maximum benefits available to those who claim at age 70 or older.
“Americans have worked their entire lives to earn their Social Security benefits. They should have all the necessary information to make the best decisions for their futures. This bill would fix outdated language, help clear up confusion for older Ohioans and ensure they have what they need to plan effectively,” said Husted.
“Americans have earned their benefits. When planning for retirement, let’s make sure they have the best information available and receive what they deserve,” said Cassidy.
The American Association of Retired Persons (AARP) supports the bill.
“AARP, which advocates for the more than 100 million Americans aged 50 and over, is pleased to endorse S.1504, the Claiming Age Clarity Act, which would improve the terminology the Social Security Administration uses in relation to retirement benefit claiming ages. Your bipartisan bill will provide American workers with better and more understandable information about the impact claiming age has on their earned benefits, helping them make more informed choices about when to start collecting Social Security,” said Bill Sweeney, Senior Vice President of Government Affairs, AARP.
The Claiming Age Clarity Act would make the following changes to terminology used by the SSA to provide greater clarity to seniors:
- “Early Eligibility Age” would become “Minimum Benefit Age” – This is age 62, the earliest age at which someone can begin receiving retirement benefits. However, doing so comes with a permanent reduction—up to 30% less than the standard benefit.
- “Full Retirement Age” would become “Standard Benefit Age” – This is age 66-67 depending on an individual’s birth year.
- “Delayed Retirement Age” would become “Maximum Benefit Age” – This is age 70, the latest age at which someone can begin receiving retirement benefits. Doing so comes with an 8% increase in benefits per year—up to 24% more than the standard benefit.
The full bill is available here.