The Medicare trust fund will be exhausted in 2036 and the combined Social Security trust fund and the Disability Insurance trust fund will become exhausted in 2035, the programs’ trustees projected on Monday.
on which tens of millions of people rely. Nevertheless, it contained good news in that the deadlines have been moved back a bit from last year’s projections.
“The Biden-Harris administration has promised to build an economy from the middle out and the bottom up—that includes ensuring that workers and their families can count on the Social Security and Medicare benefits they have earned throughout their lives,” said Acting Secretary of Labor Julie Su.Medicare is the government health insurance plan primarily covering people aged 65 or older. It was first implemented in 1965 and has been a popular entitlement program for older people and retirees.
Social Security is a popular retirement program that can first start to be claimed at age 62, although benefits increase the longer one waits to claim them, with benefits capping out at a retirement age of 70.
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