Washington, D.C. — U.S. Senator Bill Cassidy, M.D. (R-LA) has joined Senators Susan Collins (R-ME), Tim Kaine (D-VA), and Chris Coons (D-DE) in reintroducing legislation designed to help Americans make better-informed decisions about when to claim Social Security retirement benefits, ultimately aiming to improve financial security in retirement.
The legislation proposes updates to both Social Security Administration (SSA) terminology and statement delivery practices, making the retirement process more transparent and easier for Americans to navigate.
“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 Senator Cassidy.
Key Provisions of the Legislation:
- Terminology Overhaul:
To better reflect the design of Social Security claiming options, the bill renames SSA terms:- “Early eligibility age” → “Minimum monthly benefit age”
- “Full retirement age” → “Standard monthly benefit age”
- “Delayed retirement credits” → “Maximum monthly benefit age”
- Regular Social Security Statements:
The SSA would be required to resume mailing benefit statements, helping Americans better track their contributions and project future benefits:- Every 5 years for individuals aged 25–54
- Every 2 years for those aged 55–59
- Annually for individuals aged 60 and above
Many Americans begin claiming benefits as early as age 62, missing out on significantly higher monthly payments available to those who wait until age 70. This legislation seeks to bridge that information gap, ensuring individuals understand the financial trade-offs involved.
Background: Louisiana’s Social Security Progress
This latest legislation builds on Cassidy’s broader efforts to support Social Security beneficiaries. Following the successful passage of the Social Security Fairness Act, which repealed the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), over 73,000 Louisianans have already received more than $585 million in retroactive payments, ranking the state seventh nationally in total amount received.
Prior to repeal:
- WEP reduced benefits for public workers with non-Social Security-covered pensions (enacted in 1983)
- GPO reduced spousal benefits for public-sector retirees (enacted in 1977)
SSA began depositing retroactive payments in late February, and adjustments to monthly benefits began in April.
What’s Next
The bill has been reintroduced in both chambers of Congress and awaits further consideration. Supporters hope the changes will modernize how retirement planning information is communicated and ultimately help more Americans optimize their Social Security benefits.
For more information, visit cassidy.senate.gov.