Social Security On Track To Be Depleted By 2033
View Source | March 31, 2023 3:30 pm
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- The U.S. Social Security system’s main trust fund’s reserves will be depleted in 2033, one year earlier than estimated last year, while Medicare’s finances have improved slightly, reports from the programs’ trustees showed Friday.
- The Medicare Hospital Trust Fund reserves are now expected to be depleted in 2031 compared to an estimate of 2028 made last year, due in part to new estimates showing higher revenue data.
- Both the Social Security and Medicare trustees reports said that the programs’ finances are unsustainable in the long term, and Biden administration officials urged Congress to adopt President Joe Biden’s proposal to raise Medicare taxes on wealthy Americans.
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