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On August 31, the Social Security and Medicare Trustees released their annual reports, which show that these vital programs are on an unsustainable path. In 2021 and all later years, Social Security (the combination of retirement and disability programs) will spend more than it takes in and by 2034, the combined Social Security Trust Funds are projected to be exhausted. Medicare’s Hospital Insurance (HI) Trust Fund will be depleted even sooner — in 2026. The aging of the population and increasing healthcare costs continue to put pressure on these programs and, without action, benefits in the future would be significantly reduced.
Below are five key takeaways from the reports.
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