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.