Latest news with #SocialSecurityAmendments
CBS News
29-07-2025
- Health
- CBS News
Top tech companies to work with Trump administration on improving health care data access for older, disabled Americans
Top technology companies will work with the Trump administration to create digital tools to make it easier for older Americans and people with disabilities to access their health care data through the government's Medicare program. The initiative, which President Trump is expected to unveil Wednesday at the White House, would create a system to ease the exchange of patient information, sources familiar with the plan told CBS News. Several companies, including Oracle and Microsoft, plan to sign pledges to work on the initiative, according to multiple sources. In May, the Trump administration sought public input on how to modernize the Centers for Medicare and Medicaid Services' digital health care services. The announcement comes on the 60th anniversary of the Social Security Amendments, which were signed on July 30, 1965, and established Medicare and Medicaid. Seema Verma, the head of the Centers for Medicare and Medicaid Services during the first Trump administration, was invited to attend the White House announcement. She now oversees Oracle's Health and Life Sciences division. White House spokespeople declined to comment.
Yahoo
30-05-2025
- Business
- Yahoo
Social Security Full Retirement Age Went Up This Month — Why It May Continue To Rise
Sixty-five has long been considered the threshold for retirement and full Social Security benefits, but that's changing. Learn More: Find Out: Beginning May 2025, pre-retirees will need to wait longer to receive their full Social Security benefits. The full retirement age (FRA) has increased gradually since 1983, after former President Ronald Reagan signed the Social Security Amendments. For those born in 1960 or later, the full retirement age is 67. The Social Security Amendments of 1983 was a major overhaul of the Social Security system aimed at addressing short- and long-term financing issues. According to AARP, provisions included accelerating the scheduled payroll tax increase enacted in 1977, gradually increasing the FRA from 65 to 67 and making 50% of Social Security benefit income taxable for individuals with incomes above $25,000, or $32,000 for married couples filing jointly. The FRA change was phased in over 22 years, and the full retirement age of 67 is effective for those born in 1960 or later. Here's the full retirement age by year of birth, according to the Social Security Administration (SSA). Born 1958: 66 and 8 months Born in 1959: 66 and 10 months Born in 1960 or later: 67 Find Out: The best time to claim Social Security benefits depends on your situation. It may make sense to claim early if you need the money, don't anticipate living a long life or can no longer work, but keep in mind that claiming early will permanently reduce the monthly benefit amount. It's possible to claim Social Security retirement benefits as early as age 62; however, the longer you wait to claim Social Security, the bigger your monthly check will be — until age 70, when you reach your maximum benefit. Taking Social Security before full retirement age results in a permanent reduction in your monthly benefit amount by as much as 30%, AARP reported. You can wait past FRA, which will add an extra 8% per year until age 70. How much you get each month depends on your earnings history. The SSA calculates retirement benefits using a formula based on 'average indexed monthly earnings' and age at retirement. This average comprises 35 years of a worker's indexed earnings. The SSA will also choose the years with the highest indexed earnings, sum each indexed earnings and divide the total amount by the total number of months. The full retirement age is currently 67 for those born in 1960 or later, and there is no current plan to increase the FRA. However, future policy changes could change the age. Lawmakers continue to face pressure to address Social Security's long-term solvency, as projections show the program's trust funds could be depleted by the mid-2030s. Raising the FRA is one option often suggested to help extend the program's viability. But for now, any changes remain speculative. More From GOBankingRates 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on Social Security Full Retirement Age Went Up This Month — Why It May Continue To Rise Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
