Social Security on Track to Run Out by 2033

Social Security, on Track to , Run Out by 2033.
NPR reports that the Social Security program in the
United States is predicted to run out in the next decade.
According to forecasts issued on March 31,
a key trust fund for Medicare is on track
to run out of funds by 2031 as well.
The projections by trustees of
both programs highlight
shaky financial footing.
NPR reports that Social Security
is primarily funded by payroll taxes
and supplemented through a trust fund.
Since 2021, the program has been
paying out more in benefits than
the amount of money coming in annually.
The trust fund that the program relies
upon is now expected to be completely
depleted by the year 2033.
NPR reports that unless steps are taken to shore up
Social Security, 66 million recipients would see
benefits cut by a significant 23 to 25 percent.
The loss of the Medicare trust fund would result in
a reported 11 percent cut to health care providers. .
According to Treasury Secretary Janet Yellen, both
trust funds need to be propped up to avoid deep
cuts to benefits and payments to providers.
Social Security and Medicare are two
bedrock programs that older Americans
rely upon for their retirement security. , Janet Yellen, United States Treasury Secretary, via NPR.
The Biden-Harris Administration is
committed to ensuring the long-term
viability of these critical programs
so that retirees can receive
the hard-earned benefits they're owed, Janet Yellen, United States Treasury Secretary, via NPR.
The Biden-Harris Administration is
committed to ensuring the long-term
viability of these critical programs
so that retirees can receive
the hard-earned benefits they're owed, Janet Yellen, United States Treasury Secretary, via NPR