The trustees for Social Security and Medicare warn policy changes are needed or else the programs won’t be able to pay full benefits to retiring Americans.
They did announce a measure of good news in their annual report Monday.
The “Go Broke” dates for both programs have been pushed back thanks to the improving economy.
Medicare is getting a five-year lifeline and can continue full payouts through 2036.
Social Security will be unable to pay full benefits beginning in 2035, which is one year longer than last year’s estimate.
Past that point, Social Security will only be able to pay 83% of benefits.
About 71 million people — including retirees, disabled people and children — receive Social Security benefits.
President Joe Biden has pitched raising taxes on people who make $400,000 or more a year to shore up Medicare. He has not offered a plan for Social Security.
His Republican challenger in the 2024 presidential election, former President Donald Trump, has suggested he’d be open to cuts to both programs.