Sam Johnson Introduces Bill to Give Social Security Beneficiaries More Choice
WASHINGTON, D.C. – Today, Social Security Subcommittee Chairman Sam Johnson (TX-03) and Rep. Adrian Smith (NE-03) introduced the Providing Choice for Social Security Retirees Act (H.R. 3112). This legislation would provide Social Security Old-Age (OASI) beneficiaries an option to claim a portion of their delayed retirement credit in a one-time, partial lump sum.
“As a constitutional, free market conservative, one of the fundamental values I support is choice for the consumer,” said Johnson. “And while Social Security is an earned benefit, that doesn’t mean it has to be one-size-fits all. Folks across the nation have widely varying career choices, health situations, and financial needs. With this in mind, choice is important when it comes to claiming Social Security benefits. Folks already have the option to claim their earned benefits either early, on time, or later on down the road. But today’s bill goes one step further. It allows folks who choose to delay claiming their benefits past full retirement age the additional option to claim part of their delayed retirement credit as a lump sum in advance – whatever works best for their needs. This is a bipartisan idea, and I look forward to seeing this commonsense bill signed into law so that all Americans have greater choice when it comes to their retirement.”
“A modernized Social Security should allow seniors to make their own retirement decisions rather than pressure them to conform to a one-size-fits-all program,” said Smith. “This new option will ensure seniors who choose to remain in the workforce have greater flexibility to determine how they access their benefits.”
Things to Know about the Providing Choice for Social Security Retirees Act: