Social Security trust funds to be gone in 16 years according to new report

Social Security and Medicare are facing
“long-term financing shortfalls under currently scheduled benefits and financing” according to a new report from the Trustees of the Social Security and Medicare trust funds.

In a statement the recently released they predicted the OASI trust fund will be depleted by 2035, at which time benefits would have to be cut if no change is made.

Additionally, the Medicare trust fund will be depleted by 2026.

According to the report : ”
The Trustees recommend that lawmakers take action sooner rather than later to address these shortfalls, so that a broader range of solutions can be considered and more time will be available to phase in changes while giving the public adequate time to prepare. Earlier action will also help elected officials minimize adverse impacts on vulnerable populations, including lower-income workers and people already dependent on program benefits.”

You can read a summary the full report here.