Social Security and Medicare Annual Review Complete
The review of Social Security and Medicare confirmed there are sufficient resources to meet the needs for the next decade. The review also stressed the importance in strengthening both of these programs as benefits will be needed for current and future retirees.
The report indicated the Social Security Trust Fund will exhaust its assets in 2036; one year earlier than last year’s report projections. And Medicare’s Hospital Insurance Trust Fund will exhaust its assets in 2024; five years earlier than what was projected last year.
These results highlight the need to act on these programs. Last year, President Obama’s first step was enacting the Affordable Care Act.
For more information, visit the Social Security Administration website