WASHINGTON (AP) – Trustees for Social Security and Medicare will release their annual report Friday on the state of finances for the government’s two biggest benefit programs.
The report will give the latest assessment of when the trust funds that support both programs will be exhausted. With almost 10,000 baby boomers reaching retirement age and qualifying for benefits each day, those dates have been creeping closer.
Last year, the trustees report projected that the Medicare trust fund would run dry in 2024 and Social Security’s trust fund would be exhausted in 2033. After those dates, benefits can still be paid but at reduced rates.
The new report will provide fodder for the ongoing debate over what should be done to put the finances for the two programs on sounder footing.