The Social Security disability trust fund is only two years away from exhaustion, Social Security’s Board of Trustees announced Monday, while saying that Medicare‘s finances appear to have strengthened, thanks to slowing growth in the cost of health care.
The trustees, tasked by Congress with overseeing the trust funds of the nation’s retirement programs, estimated that the combined trust for Social Security’s retirement and disability programs would be depleted by 2033, the same year as in last year’s projections. After that point, beneficiaries will face a 25 percent cut in benefits, as all payments must be financed by incoming tax revenue.
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