Bean Bill to Simplify Social Security Moves Forward

WASHINGTON-Today, the House Ways and Means Committee passed legislation led by U.S. Congressman Aaron Bean (FL-04) and U.S. Congressman Lloyd Smucker (PA-11) to help seniors better understand Social Security retirement ages and monthly benefits. H.R. 5284, the Claiming Age Clarity Act, would modernize the Social Security Administration's terminology to clearly explain how retirement age impacts monthly benefits, empowering Americans to make informed decisions about their financial futures.

"As retirement planning becomes more complex, it's critical that seniors in Northeast Florida have the correct information to make confident, informed choices. This bill helps cut through confusing Social Security language so seniors can better understand their options and maximize their benefits," said Congressman Bean.

Watch Congressman Bean's remarks in today's Ways and Means Committee markup here.

BACKGROUND

Many Americans claim Social Security early, often at age 62, settling for a lower monthly benefit-and, on average, thousands less in total lifetime benefits. This is due to the confusing terminology currently used by the Social Security Administration (SSA).

The Claiming Age Clarity Act would make the following updates to SSA terminology to improve clarity and accessibility for seniors:

• "Early Eligibility Age" would become "Minimum Benefit Age." This refers to age 62-the earliest point at which individuals can begin receiving retirement benefits. Claiming benefits at this age results in a permanent reduction of up to 30% compared to the standard benefit.
  
  
• "Full Retirement Age" would become "Standard Benefit Age." This typically falls between ages 66 and 67, depending on an individual's birth year, and represents the age at which retirees receive their full, unreduced benefit.
  
  
• "Delayed Retirement Age" would become "Maximum Benefit Age." At age 70, individuals can receive the highest possible monthly benefit, with an increase of approximately 8% for each year they delay past the standard age-up to 24% more than the standard benefit.

View legislative text about the bill here.