The Social Security and Medicare trustees annual report was released recently. They’ve been saying funds could run out by 2034 for a while now. This means at that point the program will only have enough revenue coming in to pay 79% of promised benefits. So, if you're expecting to get $2,000 a month, the program will only be able to pay $1,580.
In terms of Medicare, the trustees project the trust fund for Part A, which covers hospital costs for seniors, will run dry by 2028. By 2028, Medicare Part A would only be able to pay out 87% of expected benefits -- a figure that would fall to 79% by 2043 before gradually increasing to 86% by 2090.
Adjustments to these programs are inevitable, and sooner would be better than later.
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