1. Short title This Act may be cited as the Providing Choice for Social Security Retirees Act . 2. Option to claim delayed retirement credit in partial lump sum Section 202(w) of the Social Security Act ( 42 U.S.C. 402(w) ) is amended by adding at the end the following: (7) (A) In any case in which an individual becomes entitled to an old-age insurance benefit in a calendar year after 2018, and such benefit is subject to a monthly increase under paragraph (1), such individual may elect to receive, in lieu of the monthly increase under paragraph (1)— (i) an alternate monthly increase as determined under subparagraph (E); and (ii) in addition to such monthly benefit as increased under clause (i), a one-time lump sum payment, payable at the time of such individual’s entitlement to such benefit, equal to the sum of the present values (as determined by the Commissioner of Social Security using reasonable assumptions) of the applicable percentage (determined under subparagraph (B)) of the amount of such monthly benefit (as determined before the application of such increase) for each month in the life expectancy period (determined under subparagraph (C)). (B) The applicable percentage determined under this subparagraph is the percentage equal to the product of— (i) 1/6 of 1 percent, multiplied by (ii) the number (if any) of the increment months for such individual. (C) The life expectancy period determined under this subparagraph is, with respect to an individual, the period— (i) beginning with the month in which the individual becomes entitled to an old-age insurance benefit