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House Panel Advances Bill to Rename Social Security Claiming Ages

The measure aims to clarify choices by making the impact of timing on monthly benefits easier to understand.

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.