Smith Bill Would Provide Seniors Additional Options for Claiming Social Security Benefits
Washington, D.C. – Congressman Adrian Smith (R-NE) introduced the Providing Choice for Social Security Retirees Act (H.R. 3899) this week. The bill would provide seniors who choose to delay claiming Social Security benefits beyond their full retirement age the opportunity to receive 25% of their earned credit as an upfront lump sum payment.
“Nebraska seniors want more options for accessing their Social Security benefits and Nebraska employers need workers, including seniors who want to stay in the workforce,” said Smith. “Providing new options for claiming benefits within the existing structure of Social Security is good for workers, good for employers, and good for our economy.
Under current law, Social Security-eligible workers who delay claiming benefits until after their full retirement age can earn an additional 8% in monthly Social Security benefits for every year they delay claiming, up to age 70. Smith’s bill would allow seniors who delay claiming Social Security to receive a 6% monthly increase for every year of delay, plus an upfront bonus based on the other 25% of their monthly increase and average life expectancy.