Social Security funds are projected to run out in 2035, and Medicare’s hospital insurance trust fund in 2036.
Medicare Depletion Dates Pushed Back: Social Security Benefits Now Protected Until 2035
The Social Security program and Medicare are two of the most widely used government benefits, with approximately 71 million Americans receiving Social Security benefits and over 66 million Americans covered by Medicare last year.
The Social Security Board of Trustees has revised its projections indicating that the program’s funds will run out later than initially expected, thanks to economic growth. This means that the depletion date for Social Security benefits has been pushed back from 2034 to 2035.
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Social Security Benefits to Cover 79% of Payments in 2035
Social Security Administration Commissioner Martin O’Malley emphasized that the projected depletion date has led to a delay in the potential benefit reduction event, which is now expected to occur in 2035. The trustees also predicted that once the program’s reserves are depleted income generated from the funds will only be able to cover 79% of benefits.
Meanwhile, Medicare’s hospital insurance trust fund is expected to face a depletion date of 2036, according to the report of Just the News.
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