"Our group advocates for a legislative proposal aimed at providing clearer definitions concerning the eligibility age for Social Security benefits"
The Claiming Age Clarity Act, a piece of legislation aimed at enhancing transparency in the Social Security system, has been introduced in Congress on June 24, 2021. This act, sponsored by Congressman Lloyd Smucker of the 11th Congressional District of Pennsylvania, has garnered the support of Action, an advocacy affiliate of the Association of Mature American Citizens with over 2 million members nationwide.
In a support letter for the Claiming Age Clarity Act, Andrew J. Mangione Jr., Senior Vice President of Action, highlighted the importance of clear, transparent terminology in addressing the problem of seniors losing income due to early claiming. The letter, sent to Congress, emphasised that referring to 66 or 67 as the "full retirement age" can be misleading, as it implies no advantage exists in waiting longer, when in fact benefits continue to increase significantly, by up to 8% annually, until age 70.
The Claiming Age Clarity Act proposes renaming age 62 as the "minimum benefit age," the current full retirement age as the "standard benefit age," and age 70 as the "maximum benefit age." Labeling age 62 as the "early eligibility age" may give a false impression, potentially resulting in a permanent reduction of up to 30% in monthly benefits.
Today's seniors collectively lose $3.4 trillion in potential income due to early claiming. The Claiming Age Clarity Act aims to ensure older Americans make informed decisions about their financial security in retirement.
The Act does not expand the size or scope of government, but rather seeks to more accurately reflect the program's design and guide retirees toward better long-term financial decisions. The Act strengthens the long-term economic well-being of seniors, a critical aspect in maintaining their quality of life in their golden years.
The letter expresses gratitude for the commitment to America's retirees and reiterates Action's support for the Claiming Age Clarity Act. If passed, this Act could potentially change the way seniors approach claiming their Social Security benefits, leading to increased income and financial stability for millions of Americans.
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