The financial safety nets millions of older Americans rely on and millions of young people are counting on will run short of money to pay full benefits within the next decade, the annual Social Security and Medicare trustees report released Friday warns.
FILE - President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. Social Security and Medicare, the financial safety nets millions of older Americans rely on and millions of young people are counting on, will run short on funds to pay full benefits within the next decade, a new annual report released Friday warns.
“The Trustees continue to recommend that Congress address the projected trust fund shortfalls in a timely fashion to phase in necessary changes gradually,” said Kilolo Kijakazi,Friday's report is a mix of good and bad news: The forecasted go-broke date for Medicare was moved back three years —predicted the government wouldn't have enough money to start paying those benefits in 2028. But the date for Social Security's trust was moved up one year earlier.
Social Security is in worse shape with the fund predicted to cover only 77% of benefits starting in 2033. Not enough money is coming in to sustain the fund. Inflation and economic output are driving some of the fund's troubles.
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