(Headline USA)—The Social Security program is nine years away from insolvency, the Social Security Board of Trustees said Wednesday.
This forecast moved up one year since 2024’s annual report, which projected the program to deplete its funding by 2035. Now that projection date is set at 2034.
Medicare’s hospital trust fund will fall short in 2033, when it will only be able to cover 89% of scheduled benefits. This date moved up three years since last year’s report, according to the Medicare Board of Trustees.
“As in prior years, we found that the Social Security and Medicare programs both continue to face significant financing issues,” the Treasury Department said Wednesday.
Tens of millions of Americans who rely on Social Security due to retirement or disabilities would see cuts to their monthly benefits.
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