Latest news with #RepublicanStudyCommittee
Time of India
4 days ago
- Business
- Time of India
GOP Plan to Raise Retirement Age to 69 Will Cost 257 Million Americans $420K in Benefits for Just 1-Year Fix
The Republican Study Committee wants to raise the full retirement age to 69 by the year 2033. This would affect people who are currently between 30 and 55 years old the most. The Congressional Budget Office says this change would cause people to lose $420,000 in lifetime Social Security benefits. That means people would lose about $3,500 every year during retirement, which usually lasts around 30 years. This is a 13% cut per year, and will impact 257 million Americans, as per reports. The new plan would start in 2026 and end by 2033, in just 8 years. But in 1983, the retirement age went from 65 to 67 very slowly, over 35 years. People in hard jobs like construction, healthcare, and service work will suffer more because they have shorter life spans, they rely heavily on Social Security, and they can't work into their late 60s due to physical demands, as per the World Day report. Experts say many older workers won't be able to keep working, so they'll try to get disability benefits instead. That could overload the Social Security disability system, causing a new crisis. The plan doesn't think about different jobs and how hard they are on people's bodies. Even with all these cuts, the CBO says the plan would only delay Social Security's money problems by 1 year, from 2034 to 2035. That means this plan won't fix Social Security long-term, and more changes would still be needed. Other countries like Sweden and Denmark tie retirement age to life expectancy, so it adjusts automatically and slowly. The U.S. could remove the $160,200 income cap on payroll taxes. That would make wealthy people pay Social Security tax on all their income, not just up to that limit. These ideas would raise money without cutting benefits for regular people, as per reports. Live Events People should recalculate their retirement savings assuming Social Security benefits will be lower. Financial planners suggest increasing your 401 (k) savings by 2-3% to make up for the cuts. Also think about saving money through Roth IRAs, Health Savings Accounts, and other investments, not just depending on Social Security, as stated in the report by World Day. This whole situation shows a big problem, most Americans depend on Social Security as their main retirement income. Because of the aging population and math, the government must either cut benefits, raise taxes, or both. Politicians might compromise later with a mix of ideas, but you shouldn't wait, it's up to individuals to prepare now. FAQs Q1. What is the GOP's new retirement plan? They want people to retire at age 69 starting in 2033. This means many workers may get less money from Social Security. Q2. How much money could people lose from the GOP's new plan? People aged 30-55 today may lose up to $420,000 in lifetime Social Security payments, says the CBO. Economic Times WhatsApp channel )
Fox News
16-05-2025
- Politics
- Fox News
New House GOP resolution eviscerates Comey over '86 47' Instagram post
FIRST ON FOX: House GOP allies of President Donald Trump are moving to use the power of Congress to punish former FBI Director James Comey for his now-deleted "86 47" Instagram post. Rep. August Pfluger, R-Texas, chairman of the 189-member-strong Republican Study Committee (RSC), is introducing a resolution alongside Rep. Laurel Lee, R-Fla., to condemn Comey for "incitement of violence against President Donald J. Trump." Pfluger and Lee's three-page resolution calls the post "disturbing" and "urges the relevant authorities to take every relevant action to ensure that Mr. Comey is never again permitted to serve as an employee of the federal government." It also asked the Department of Justice (DOJ) to not only investigate the matter, but also make the findings of its investigation known to both the relevant House committee and the American public. Comey posted a photo of seashells forming the numbers "86 47" on the beach on Thursday. It ignited a social media firestorm, with Trump allies and other Republicans immediately accusing the former FBI director of calling for Trump to be killed. Comey later deleted the post and followed it with a statement that he opposed all violence. "I posted earlier a picture of some shells I saw today on a beach walk, which I assumed were a political message. I didn't realize some folks associate those numbers with violence," Comey said. "It never occurred to me but I oppose violence of any kind so I took the post down." Homeland Security Secretary Kristi Noem told the Associated Press that Comey is now under investigation by the Trump administration. Pfluger and Lee's resolution noted that Comey had made the post while Trump was on a diplomatic visit to the Middle East, which they argue ran the risk of "jeopardizing the President's security and invigorating our nation's enemies abroad." They also pointed out that there had been two known attempts on Trump's life last year during the 2024 election – including the Butler, Pennsylvania, rally, where the president was shot in the ear. Lee, notably, was on the House task force investigating the Butler rally shooting. "Having failed in his attempts to take down President Trump as one of the main architects of the Russia collusion hoax, Comey has now resorted to the unthinkable: calling for violence against our Commander-in-Chief," the RSC chairman told Fox News Digital. "That someone who once held one of our nation's most sacred positions of law enforcement would incite such dangerous rhetoric is not just alarming—it's disqualifying and un-American. This resolution demands the accountability and transparency the American people deserve, ensuring Comey never again holds a position of public trust." Fox News Digital made multiple attempts to reach Comey and his representatives but did not hear back by press time.
Economic Times
15-05-2025
- Business
- Economic Times
Turning 65 soon? Social Security retirement age rises to 67 for 1960-born Americans — major benefit changes coming in 2025 you can't ignore
Social Security retirement age 67 becomes the new standard starting in 2025, affecting millions of Americans born in 1960. This long-planned shift means full benefits now begin at age 67, not 65. If you're turning 65 next year, you'll need to wait longer—or settle for less. This article explains what this means, how early and delayed retirement options work, and what's next for Social Security's future. With over 4 million people hitting retirement age in 2025, this change is more than just numbers—it's about planning your future. Social Security retirement age rises to 67 in 2025 for those born in 1960. Learn what this means for your benefits, when to claim, early retirement cuts, and how lawmakers plan to fix the Social Security trust fund. Tired of too many ads? Remove Ads Why is full retirement age 67 now the new number? Born in 1955: FRA is 66 and 2 months Born in 1956: FRA is 66 and 4 months Born in 1957: FRA is 66 and 6 months Born in 1958: FRA is 66 and 8 months Born in 1959: FRA is 66 and 10 months Born in 1960 or later: FRA is now 67 Tired of too many ads? Remove Ads Can you still take Social Security early at 62? Who will qualify for full Social Security benefits in 2025? If you were born 1959, your FRA is 66 and 10 months—so you'll hit it sometime in 2025. If you were born 1960, your FRA is exactly 67, and that won't come until 2027. Why is the change to retirement age 67 happening now? Tired of too many ads? Remove Ads 'This isn't just a bureaucratic adjustment but a response to increasing life expectancies and the financial challenges facing Social Security.' Will Social Security run out of money? Republicans are pushing to raise the retirement age even higher, citing longer life expectancy. The Republican Study Committee proposed in 2024 "modest adjustments to the retirement age for future retirees." 'This bill would protect Social Security and Medicare for generations by making the wealthiest Americans pay what they owe.' What should Americans do now as retirement age increases? Check your FRA based on your birth year. It matters more than ever. Plan ahead—decide whether you'll retire early, wait until FRA, or hold off until 70. Monitor legislation. Any changes in Congress could impact your future benefits. Consider your life expectancy and financial health when choosing your claiming age. FAQs: Starting in 2025, Social Security full retirement age (FRA) will officially shift to 67 for Americans born in 1960, marking a big milestone that affects when millions can claim their full benefits. This change isn't new—but for those turning 65 next year, it's the moment it becomes very retirement age increase is part of a long-planned update that started back in 1983. Lawmakers back then passed amendments to the Social Security Act to ensure the program could keep up with people living longer. But only now is the full impact being felt as the first group born in 1960 turns you were born in 1960, you'll hit age 65 in 2025—but you won't be able to collect full Social Security benefits until you turn 67. That's two full years later than the traditional retirement age of 65, which had been in place for adjustment has been phased in slowly. People born before 1955 still qualified for full benefits at age 66 or earlier. For example:This gradual increase was meant to help Social Security stay financially stable as more Americans live longer and retire you can start collecting Social Security benefits at 62, but there's a catch—your monthly payments will be permanently say your full retirement benefit at 67 is $1,000. If you decide to start at 62, you'll only get $700 a month. That's a 30% cut—for waiting past your FRA can reward you. If you delay until age 70, you could receive $1,240 a month instead. That's a 24% increase for holding out three more all comes down to your financial needs and how long you expect to live. But the options—and consequences—are everyone turning 65 in 2025 will qualify for full Social Security benefits. Only those born before 1960 will hit their full retirement age that year. If you were born in 1960, you'll have to wait until 2027—when you turn 67—to claim your full monthly matters because retiring early means locking in a smaller benefit permanently, while waiting ensures you get your full timing isn't random. In 2025, about 4 million Americans are expected to turn 65, according to demographic trends. Experts call it the 'silver tsunami'—a wave of older adults heading into retirement all at Ryan, a financial expert and founder of told Newsweek:Put simply, the system needs to stretch its funds further than ever before. People are living longer, drawing benefits for more years, and contributing stress to a program that's already under Social Security trust fund is facing a shortfall. According to a 2024 report from the Social Security Board of Trustees, the retirement fund could become insolvent by 2033 if nothing changes. That means starting in 2033, Social Security would only be able to pay 77% of scheduled are deeply divided on how to fix the problem:Meanwhile, Democrats have a different Sheldon Whitehouse and Representative Brendan Boyle reintroduced the Social Security and Medicare Fair Share Act. Their plan would lift the cap on payroll taxes for earnings above $400,000. Right now, any income over $168,600 isn't taxed for Social said in a press release:So far, there's no bipartisan agreement, but the need for reform is becoming you're nearing retirement, the most important thing you can do is know your full retirement age and understand your are a few quick tips:With the Social Security full retirement age now at 67, it's essential to understand how this affects your timeline, monthly benefits, and long-term plans.A: It's 67 for anyone born in 1960.A: Yes, but your monthly benefit will be reduced permanently.
Time of India
15-05-2025
- Business
- Time of India
Turning 65 soon? Social Security retirement age rises to 67 for 1960-born Americans — major benefit changes coming in 2025 you can't ignore
Why is full retirement age 67 now the new number? Born in 1955: FRA is 66 and 2 months Born in 1956: FRA is 66 and 4 months Born in 1957: FRA is 66 and 6 months Born in 1958: FRA is 66 and 8 months Born in 1959: FRA is 66 and 10 months Born in 1960 or later: FRA is now 67 Live Events Can you still take Social Security early at 62? Who will qualify for full Social Security benefits in 2025? If you were born 1959, your FRA is 66 and 10 months—so you'll hit it sometime in 2025. If you were born 1960, your FRA is exactly 67, and that won't come until 2027. Why is the change to retirement age 67 happening now? 'This isn't just a bureaucratic adjustment but a response to increasing life expectancies and the financial challenges facing Social Security.' Will Social Security run out of money? Republicans are pushing to raise the retirement age even higher, citing longer life expectancy. The Republican Study Committee proposed in 2024 "modest adjustments to the retirement age for future retirees." 'This bill would protect Social Security and Medicare for generations by making the wealthiest Americans pay what they owe.' What should Americans do now as retirement age increases? Check your FRA based on your birth year. It matters more than ever. Plan ahead—decide whether you'll retire early, wait until FRA, or hold off until 70. Monitor legislation. Any changes in Congress could impact your future benefits. Consider your life expectancy and financial health when choosing your claiming age. FAQs: (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Starting in 2025, Social Security full retirement age (FRA) will officially shift to 67 for Americans born in 1960, marking a big milestone that affects when millions can claim their full benefits. This change isn't new—but for those turning 65 next year, it's the moment it becomes very retirement age increase is part of a long-planned update that started back in 1983. Lawmakers back then passed amendments to the Social Security Act to ensure the program could keep up with people living longer. But only now is the full impact being felt as the first group born in 1960 turns you were born in 1960, you'll hit age 65 in 2025—but you won't be able to collect full Social Security benefits until you turn 67. That's two full years later than the traditional retirement age of 65, which had been in place for adjustment has been phased in slowly. People born before 1955 still qualified for full benefits at age 66 or earlier. For example:This gradual increase was meant to help Social Security stay financially stable as more Americans live longer and retire you can start collecting Social Security benefits at 62, but there's a catch—your monthly payments will be permanently say your full retirement benefit at 67 is $1,000. If you decide to start at 62, you'll only get $700 a month. That's a 30% cut—for waiting past your FRA can reward you. If you delay until age 70, you could receive $1,240 a month instead. That's a 24% increase for holding out three more all comes down to your financial needs and how long you expect to live. But the options—and consequences—are everyone turning 65 in 2025 will qualify for full Social Security benefits. Only those born before 1960 will hit their full retirement age that year. If you were born in 1960, you'll have to wait until 2027—when you turn 67—to claim your full monthly matters because retiring early means locking in a smaller benefit permanently, while waiting ensures you get your full timing isn't random. In 2025, about 4 million Americans are expected to turn 65, according to demographic trends. Experts call it the 'silver tsunami'—a wave of older adults heading into retirement all at Ryan, a financial expert and founder of told Newsweek:Put simply, the system needs to stretch its funds further than ever before. People are living longer, drawing benefits for more years, and contributing stress to a program that's already under Social Security trust fund is facing a shortfall. According to a 2024 report from the Social Security Board of Trustees, the retirement fund could become insolvent by 2033 if nothing changes. That means starting in 2033, Social Security would only be able to pay 77% of scheduled are deeply divided on how to fix the problem:Meanwhile, Democrats have a different Sheldon Whitehouse and Representative Brendan Boyle reintroduced the Social Security and Medicare Fair Share Act. Their plan would lift the cap on payroll taxes for earnings above $400,000. Right now, any income over $168,600 isn't taxed for Social said in a press release:So far, there's no bipartisan agreement, but the need for reform is becoming you're nearing retirement, the most important thing you can do is know your full retirement age and understand your are a few quick tips:With the Social Security full retirement age now at 67, it's essential to understand how this affects your timeline, monthly benefits, and long-term plans.A: It's 67 for anyone born in 1960.A: Yes, but your monthly benefit will be reduced permanently.
Yahoo
10-05-2025
- Politics
- Yahoo
Pfluger hosts US Interior Secretary Burgum at RSC members meeting
May 9—WASHINGTON, D.C. — As Chairman of the Republican Study Committee (RSC), Congressman August Pfluger (TX-11) hosted the Secretary of the Interior and Chairman of the newly formed National Energy Dominance Council Doug Burgum, on Capitol Hill for this week's RSC members meeting. During the meeting, Secretary Burgum outlined his goals to unleash all forms of American energy, including oil, gas, and coal. He also spoke on his work to streamline permitting and bolster American energy production. "As the representative for the most prolific oil and gas producing region in the country, I remain committed to working alongside the administration to advance pro-growth, energy policies," Pfluger said in a news release. "Under the leadership of Secretary Burgum, America will once again be energy dominant." Pfluger was elected by his colleagues in November of 2024 to serve as the Chair of the Republican Study Committee (RSC) for the 119th Congress. He previously served as Chair of the RSC House Energy Action Team for the 118th Congress, leading energy policy on Capitol Hill. The Republican Study Committee is the oldest and largest conservative caucus in the U.S. House and represents the leading voice for conservative values in Congress. The RSC is home to 189 strong conservative members, representing congressional districts from across the country.
