America’s Social Security and Medicare programs are reportedly running out of funds.
A new government report suggests that the financial viability of both Medicare and Social Security are on shaky grounds. The estimated costs for the programs may exceed their income next year for the first time since 1982.
That would force the programs to take money from trust funds to cover Social Security and Medicare benefits.
Medicare could be depleted of funds by 2026, while Social Security could become insolvent by 2035.
Last year’s report actually predicted that benefits could dry up a year earlier in 2034.
These latest predictions could affect future retirees as well as current retirees.
The report urges lawmakers to take immediate action to address the issue.