Social Security and Medicare Trust Funds Are on Track to Run Out in Less Than a Decade. Here’s What to Know

Social Security and Medicare are expected to need to cut monthly benefits in less than a decade as the trust funds for both programs are on track to run dry earlier than previously predicted.

A report released on Wednesday from the Social Security and Medicare Boards of Trustees pushed up the programs’ go-broke dates, meaning the point at which they would not have enough money to fully cover benefits.

[time-brightcove not-tgx=”true”]

The worsening projections are in part because...