When using the out of box household name format option that includes the '76 year after the name, like example: (Mr. William H. Smith, '76 and Mrs. Margaret A. Adams, '75), the Household name does not update after an edit to an individual member unless the Edit household action is opened and saved without making a change.

Currently the only way to get around this is to delete the household and re-add to a new household record. However, this workaround doesn't always fix the issue.