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The most common age for claiming Social Security is also the earliest age of eligibility. That’s according to Boston College’s Center for Retirement Research (1), which found that 26% of men and 27% of women claimed benefits at age 62 in 2023.
Simply put, roughly one in four of retirees are signing up for their benefits as soon as possible. Another 31-32% are signing up before the typical Full Retirement Age, effectively accepting a permanent benefit cut for the rest of their retirement.
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To save people from this self-imposed benefit reduction, lawmakers are working on a new bill that seems to be gaining support from both sides of the aisle. If you haven’t claimed your benefits yet, here’s how this change could impact you.
Claiming Age Clarity Act
In September, 2025, U.S. Representatives Lloyd Smucker (Republican) and Don Beyer (Democrat) jointly introduced the Claiming Age Clarity Act. (2)
Not only is this new piece of legislation bipartisan, it’s also supported by industry experts. Both the AMAC Action, the advocacy affiliate of the Association of Mature American Citizens (AMAC), and the AARP endorsed the new law. Although the bill passed in the House, it is now awaiting Senate approval (3).
As the name suggests, the new rule would push the Social Security Administration to update the language on its website and official documents to make it clearer to seniors that there are consequences to claiming early and a benefit to delaying the claim.
Specifically, the SSA would need to update its label from“Early Eligibility Age” to “Minimum Benefit Age” to indicate that claiming early could result in up to 30% reduction in benefits. Similarly, “Full Retirement Age” would become “Standard Benefit Age,” and “Delayed Retirement Age” would be relabelled “Maximum Benefit Age,” to suggest that waiting until 70 could result in a 24% bump in monthly payments.
Reps. Smucker and Beyer argue that this change in language should offer more clarity to seniors and help them make a more informed decision about their claiming age.
Although the law hasn’t passed yet, there are signs that a subtle shift in language could help some people with their decision. Only 21% of U.S. adults correctly identified their Full Retirement Age, according to the Nationwide Retirement Institute’s 2025 Social Security Survey (4), and only two in five respondents were confident in their knowledge of the system.
In short, there’s a large knowledge gap, and some of that can be filled with clearer language from the SSA.
However, new labels may not be enough to persuade those who claim early due to financial distress or a strong need for passive income. Many Americans could find themselves signing up for benefits as soon as possible because of the cost-of-living crisis and their insufficient retirement savings.
If you haven’t filed your claim yet, there are ways to avoid this fate.
Do this now
Understanding the Social Security system and all its complex rules is essential if you’re trying to make savvy financial decisions. But if you’re trying to delay your claim and maximize your benefits, you’ll need a comprehensive financial plan and a robust nest egg.
An easy way to start building a nest egg is to automate your savings with platforms like Acorns. The tool rounds up your purchases and invests the spare change in professionally-managed investment products for long-term growth. So your $3.50 cupcake purchase turns into a 50-cent investment in your future.
Sign up today and get a $20 bonus investment.
However, this strategy works best when you have time to save. As you near retirement, the focus shifts to preserving your wealth and insulating yourself from the impact of a down market when it’s time to retire.
If you’re looking beyond traditional stocks and ETFs, a gold IRA is one option for building up your retirement fund with an inflation-hedging asset.
Opening a gold IRA with the help of Goldco allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.
With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.
If you’re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.
Once you’ve built up a sizable portfolio and nest egg, you could consider hiring an expert to help you craft a retirement plan that takes all the recent changes to Social Security into account. An experienced advisor can help you navigate the complex system and optimize your benefits without unnecessary financial strain along the way. They can also help you figure out how alternative assets like gold might play into your retirement strategy.
If you have a portfolio of $250,000 or more, platforms like WiserAdvisor can connect you with vetted professionals who specialize in this kind of planning.
Simply answer a few questions about your savings, retirement timeline and overall investment portfolio.
From there, WiserAdvisor reviews its network to match you — for free — with up to three vetted, reputable advisors aligned with your specific needs.
You can then schedule no-obligation consultations with your matches to determine who is the best fit for your long-term goals.
WiserAdvisor is a matching service and does not provide financial advice directly. All matched advisors are third parties, and specific financial results are not guaranteed.
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
Center for Retirement Research at Boston College (1); Smucker House (2); Congress (3); Nationwide Financial (4)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
