US Social Security and Medicare Funds Face Depletion by 2034 and 2031 Respectively

The Social Security program is expected to run short of cash to pay promised benefits in about ten years, while a key trust fund for Medicare will run out of funds by 2031, according to new forecasts issued Friday by trustees of both programs. Unless changes are made before then to shore up the program, 66 million Social Security recipients would see their benefits cut by 23-25%. The primary challenge for Social Security is demographic, as aging baby boomers retire, there are fewer workers paying into the program to support the rising cost of benefits.