Social Security's retirement age labels could change soon — will the new names help you get a bigger monthly benefit?

While the brackets themselves won’t change — nor will the benefits available to retirees — Congress hopes that the bill will make it easier to figure out the best time for you to begin collecting retirement benefits.

If the President signs it, here’s what will change and how it could help you make more money in retirement.

Claiming Age Clarity Act would rename 62, 67 and 70

Social Security is designed so that you pay into it over the course of your working career. You pay a percentage of your earnings each year. If you earn more than $184,500, you only pay Social Security taxes on that amount. Once you hit retirement age, you start collecting money.

But how do you decide what your retirement age is? There’s no set age when people have to stop working; some people build up a nest egg so they can retire early, and some people keep working as long as possible.

For most people, though, the most important factor when timing their retirement is money.

There are plenty of ways you can save for retirement, but many of them are tied to how old you plan to be when you retire. Social Security has three age brackets at 62, 67 and 70.

Right now, those age brackets are called “Early Eligibility Age,” “Full Retirement Age,” and “Delayed Retirement Age.”

However, those terms don’t really tell you what sort of benefit you can expect to get at each age.

The new terms for each of these age brackets are “Minimum Benefit Age,” “Standard Benefit Age” and “Maximum Benefit Age.”

Rep. Lloyd Smucker, who sponsored the bill in the House, is confident that it will make it easier for Americans to understand their retirement options.

“The Claiming Age Clarity Act replaces confusing government terminology with language that better explains how the age at which someone claims Social Security affects their monthly benefit,” he said in a press release.

Social Security insolvency is a looming threat

Even if the new language makes it easier to decide when you should retire, the larger issue is that it could affect how much you earn in retirement.

The Social Security taxes you pay each year are invested into special-issue securities that are issued by the government. By the time you retire, those securities should have made enough money to fully cover your retirement.