Some seniors are keen to take their retirement as soon as possible.

As NORA readers may know, there are pros and cons to retiring early. Especially in the current economy, many seniors want to retire ASAP if their situation allows it.

Given Social Security’s pending insolvency, many people have expressed thoughts about raising the retirement age. At the very least, some lawmakers believe that if seniors chose to retire later, it would serve as a method to extend the program’s funds.

The choice of whether to delay Social Security benefits should be up to the individual senior. But rather than actually raising the retirement age, some lawmakers propose a wording change that could clarify the terms of the three categories — and potentially make late claiming sound more appealing.

The change would see the early eligibility age (62) and full retirement age (66 or 67) be relabeled as the minimum benefit age and standard benefit age, respectively. It would also see age 70 be called the maximum benefit age.

Does this make waiting seem worth it? We all know how language is crucial when discussing Social Security. To get in on the discussion with us, bookmark us then follow us on Facebook and Twitter.