Trustees Report on Social Security and Medicare Trust Funds for 2013
The report was recently published. There is some good news. The Medicare Trust Fund has 2 more years before bankruptcy to 2026 from 2024. This is due to the deceleration in healthcare costs incurred over the last year. The bad news is that Social Security overall will be bankrupt by 2033 requiring a 23% cut in benefits at that point. In addition, the Social Security Disability Trust Fund will be bankrupt by 2016, just 3 years from now. This will require a 27% decrease in benefits. It is imperative that the President and Congress pass legislation to fix these critical problems.
