Reintroduced bipartisan legislation aims to adjust the Social Security Administration’s (SSA) terminology to add better clarity and understanding when claiming benefits.
U.S. Senators Bill Cassidy (R-LA), Susan Collins (R-ME), Tim Kaine (D-VA) and Chris Coons (D-DE) reintroduced the bill last week with hopes of encouraging Americans to claim benefits at their maximum level. Currently, Social Security benefits are made available to Americans at age 62. Those who claim later, at age 70 or above, could receive higher monthly benefits, yet many choose not to.
To improve the Social Security claiming design and incorporate additional clarity, the legislation would change the SSA terminology from “early eligibility age,” “full retirement age,” and “delayed retirement credits” to “minimum monthly benefit age,” “standard monthly benefit age,” and “maximum monthly benefit age.”
“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 Sen. Cassidy in a statement.
According to data from the SSA, in 2023, close to a quarter (23%) of retirees claimed Social Security benefits at age 62 and 59% claimed between the ages of 63 to 66. Only 9% claimed at age 70 or later.
The bill accompanied another piece of legislation that would require the SSA to mail Social Security statements detailing the amount an individual has paid into the Social Security and Medicare agencies. The statements would be mailed every five years to those ages 25 to 54 who have Social Security accounts, every two years for those between the age of 55 and 59, and annually for individuals age 60 and above.
The two bills have been referred to the Senate Committee on Finance.
More Americans are tapping into their Social Security funds to afford challenging day-to-day costs and increased inflation on goods and services.
The pieces of legislation come as Americans admit their struggles in understanding the Social Security claiming process. A 2025 report by the Employee Benefit Research Institute (EBRI) found that while two-thirds of workers and four in five retirees understand Social Security and claiming decisions, just two in 10 workers and a quarter of retirees say they “understand it very well.”
Respondents say that despite their lack of understanding, they’re working on improving their familiarity with the Social Security claiming process. About three in five workers and over four in five retirees have thought about how their claiming age could impact their benefit amount.
Despite their efforts, the median reported and expected claiming age among respondents remained at 65.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.