US EditionUS Social Security, Medicare to run short of funds in 2033, trustees say
- Social Security and Medicare trust funds are projected to be depleted in 2034 and 2033 respectively, according to a report released Wednesday by their trustees.
- The earlier depletion dates result from rising health care costs, slower earnings growth, a declining birth rate, and recent legislation increasing benefits for some workers.
- Medicare covers about 68 million people aged 65 or older and people with severe disabilities, providing hospital, hospice, nursing home, and home health care benefits until 2033 when funds run out.
- After depletion, Medicare would cover only 89% of costs, while Social Security would pay about 81% of benefits from 2034, and monthly retirement benefits averaging $1,976 today could decline by about $450 in 2034 dollars.
- Trustees urge Congress to enact legislation soon to minimize impacts, as longstanding financial challenges persist and proposals exist to address the programs' insolvency, though officials vow to protect benefits.
79 Articles
79 Articles
Trustees: Social Security, Medicare to Run Short of Funds in 2033
Three years sooner than last year's estimate for the Medicare Hospital Insurance Fund, their annual trustees reports showed on Wednesday that the U.S. Social Security and Medicare programs for seniors will both run short of funds to pay full benefits in 2033.
Trustees: Social Security, Medicare to run short of funds in 2033 | Honolulu Star-Advertiser
WASHINGTON >> The U.S. Social Security and Medicare programs for seniors will both run short of funds to pay full benefits in 2033, three years sooner than last year’s estimate for the Medicare Hospital Insurance Fund, their annual trustees reports showed today.
Social Security to run out of money by 2034: report
Social Security will run out of money by 2034, according to an annual report released by the four trustees of the program: Treasury Secretary Scott Bessent, Secretary of Health and Human Services Robert F. Kennedy Jr., Labor Secretary Lori Chavez-DeRemer, and Social Security Commissioner Frank Bisignano. This is one year earlier than what was predicted in last year's report. The four trustees wrote, “If Congress does not overhaul the programs’ f…
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