Rep. Smucker introduces bill to clarify Social Security options for seniors

Republican U.S. Rep. Lloyd Smucker, who represents Lancaster and parts of York County, has introduced legislation to help seniors understand how their age impacts collecting monthly Social Security benefits. The Age Clarity Act would change the language used in Social Security information to help seniors claiming benefits.”Older Americans approaching retirement age should make informed decisions when deciding to claim the Social Security benefits they have earned. This straightforward legislation aims to simplify bureaucratic jargon which may mislead Americans into making poor financial decisions. I thank Rep. Beyer for joining me in introducing this legislation and will work across the aisle to advance this commonsense measure,” Smucker said in a statement.Changes Age Clarity Act would make “Early Eligibility Age” would become “Minimum Benefit Age” | This age is 62, the earliest age when someone can begin receiving retirement benefits. However, doing so comes with a permanent reduction, which is up to 30% less than the standard benefit.”Full Retirement Age” would become “Standard Benefit Age” | The ages for this are 66-67, depending on a person’s birth year.”Delayed Retirement Age” would become “Maximum Benefit Age” | This age is 70, the oldest age at which someone can begin receiving retirement benefits. Doing so comes with an 8% increase in benefits per year and up to 24% more than the standard benefit.Rep. Don Beyer, of Virginia, is also sponsoring the legislation in the House.In the Senate, Sens. Bill Cassidy, Christopher Coons, Susan Collins, and Tim Kaine have introduced companion legislation.