The Social Security Administration will be depleted by 2033, resulting in a 23% benefit cut unless Congress takes action.
The Medicare Hospital Trust Fund, or Medicare Part A, will not be depleted until 2031, originally slated to be drained by 2028.
Reporting from Newsmax:
Although the Social Security Disability Trust Fund is projected to be able to pay full benefits through 2097, the final year in the 75-year projection period, the combined Social Security funds would be only able to pay 80% of scheduled benefits after 2034, according to the trustees report. The worsened financial picture for Social Security is due largely to reductions in projected economic output and productivity estimates over the forecast window that are about 3% lower than last year's estimates, partly reflecting the effects of inflation.
