Social Security

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Social Security and Medicare Could Run Out Sooner Than Expected

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Medicare and Social Security graphicSocial Security’s retirement and disability programs have enough funds to cover the next 20 years, but that could change come 2033.

Every year the Social Security Board of Trustees releases its report outlining the stability and financial security of the two biggest federal programs in the United States, Social Security and Medicare.

This year’s report says that because of an increase in pressure on these programs — Americans are living longer and the baby boomers are beginning to collect — funds could run out sooner than expected. In addition, the slow-rebound of the economy and high energy prices are   leading to a quicker deterioration of the trusts that fund  Social Security.  Read More