To amend title II of the Social Security Act to provide that a monthly insurance benefit thereunder shall be paid for the month in which the recipient dies, and to cover the costs thereof by means of benefit reductions in the first month of entitlement for future beneficiaries proportionate to the periods before entitlement, and to further cover early costs by providing a $0.50 reduction in monthly benefits for current beneficiaries for a transitional period of 5 years.

[AI summary unavailable — showing source text] Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide for the payment of benefits for the month (currently, the month preceding the month) in which the recipient dies. Provides for benefit reductions (determined according to a specified formula) in the first month of entitlement for future beneficiaries. Provides a 50-cent reduction in monthly benefits for current beneficiaries for a transitional period of five years.…