A stronger-than-expected economic recovery from the pandemic has pushed back the go-broke dates for Social Security and Medicare, but officials warn that the current economic turbulence is putting additional pressures on the bedrock retirement programs.
FILE - A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. The annual Social Security and Medicare trustees report released Thursday, June 2, 2022, says Social Security’s trust fund will be unable to pay full benefits in 2035, instead of last year's estimate of 2034, and the year before that which estimated an exhaustion date of 2035.
Forecasters said in the report that the ongoing COVID-19 pandemic will have no net effect on their long-range projections. But they also noted that assumptions for their latest report were made in February, which was before cases began climbing again nationally and inflation rose even higher. A main source of financing is payroll taxes on earnings paid by employees and employers. About 183 million people paid those taxes in 2021.
The trustees report is an added reminder of the U.S. government’s financial troubles, as it juggles historically high inflation, recovery from a pandemic and the war in Ukraine. Transportation costs, which has surged due to high inflation, have made it difficult for Thompson and his mother to drive to take care of his grandmother.Because his grandmother can pass on some of her Social Security benefits to her daughter to help pay for gasoline costs, “the adjustment is a cushion my mom can rest on” as she travels to care for Thompson’s grandmother.
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