US Social Security retirement fund could run out of money by 2033, a year earlier than previously projected, according to a government report. Medicare also faces a shortfall with the hospital insurance trust fund set to only pay scheduled benefits in full until 2031.
After this, the fund’s reserves will be depleted, and program income will only be able to pay 89% of total scheduled benefits, leading to an 11% pay reduction for healthcare providers.
Unless changes are made, over 66 million Americans would see a benefit reduction between 23-25%. The proposals to address the issue are unlikely to gain traction in Congress.
