Overview
- The House Ways and Means Committee approved the bipartisan Claiming Age Clarity Act in a 41–1 vote, proposing new terms such as “minimum benefit age” at 62, “standard benefit age” at 66–67, and “maximum benefit age” at 70.
- Social Security Commissioner Frank Bisignano said raising the retirement age is not under consideration after an earlier interview prompted questions.
- Waiting past full retirement age increases monthly payments by roughly 8% per year until 70, boosting benefits by up to about 24%.
- Spousal beneficiaries cannot earn delayed retirement credits and are capped at 50% of the primary earner’s benefit, which alters optimal filing strategies for couples.
- For those past full retirement age who have not filed, a retroactive lump sum of up to six months is available, but accepting it forfeits delayed credits, reduces future and survivor benefits, and can raise taxes and Medicare premiums.