A bipartisan group of senators launched a multi-pronged effort this week to help Americans make better decisions about when to claim their Social Security benefits.

A letter and legislation released Monday said that Americans are confused about their options and that the Social Security Administration (SSA) needs to do a better job at communication — including bringing back paper statements.

“We believe that SSA should take more proactive measures to provide Americans with the tools and resources to determine how best to set themselves and their families up for financial security in retirement,” wrote Sens. Bill Cassidy (R-LA), Chris Coons (D-DE), Susan Collins (R-ME), and Tim Kaine (D-VA) in the note.

Monday’s announcement comes after years of discussion on the issue. Groups like the Bipartisan Policy Center have pushed for reforms for years and were cited in Monday’s letter. In a 2020 report, the group said many people are hurting their long-term financial security by claiming Social Security too early.

Americans are jumping in ‘at a financially sub-optimal time’

The Social Security program gives retirees an option of when to start getting their checks. They can begin as early as age 62, but with a trade-off: Those monthly benefits are locked in at a lower rate for the rest of their lives. The benefit amount gets bigger the longer you wait to claim, topping out with maximum benefits for Americans who wait until age 70.

That decision has far-reaching implications and experts say many Americans are getting it wrong by claiming too early.

A recent study from a group called United Income — also cited in Monday’s letter — estimates that retirees collectively lose $3.4 trillion because they claim Social Security “at a financially sub-optimal time" That works out to $111,000 per household.

The problem, experts say, is that Americans don’t fully understand the consequences of their choice even though more than half of 65-or-over households rely on Social Security for a majority of their income.