Update on Social Security + Medicare Trust Funds. Unless we start doing something about SS, we will be screwing over our kids big time. Whatever we do, the earlier the better.
"The trustees of Social Security and Medicare — who include the Cabinet secretaries of labor, health and human services, and the Treasury, as well as the Social Security commissioner — said Monday that their forecast for the Social Security trust fund was mostly the same as last year: It will run out in 2033, at which point retirees will see their benefits cut by 21 percent. (The disability trust fund, which is separate, will be able to cover benefits through 2098, one year later than in last year’s report. If the two funds were to be combined, the expiration date would be pushed to 2035.)
But the trustees upgraded their outlook for the trust fund that pays for Medicare hospital benefits, projecting that it has enough money to cover full benefits until 2036, five years longer than forecast last year. After that, hospital coverage would be cut by 11 percent."
WaPost
