Claiming Age Clarity Act

The legislation would replace early eligibility age with minimum monthly benefit age, replace full retirement age and normal retirement age with standard monthly benefit age, and remove the term delayed retirement credit and name the age up to which a delayed retirement credit can be applied as maximum monthly benefit age. Specifically, age 62 would be named the "minimum monthly benefit age," age 65 the "standard monthly benefit age," and age 70 the "maximum monthly benefit age."

The new terms might provide future claimants a better understanding of the potential benefit differences based on claiming ages and help them make informed decisions. Presumably, other government agencies, researchers, and news organizations would gradually adopt the new terms over time. The bill would require these changes to be completed by January 1, 2027. Currently, S. 1504 is in committee and has not yet been voted on by the full Senate.