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Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of these vital programs.
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
The Social Security and Medicare Trustees released their annual reports, which show that these vital programs are on an unsustainable path.
Programs that millions of Americans depend on and care about may be feeling a squeeze from interest costs on our high and rising national debt.
Recent research has found that Social Security is more effective at reducing poverty than previously believed. Without income from Social Security, two thirds of the elderly would be considered poor.
The number one financial worry for Americans is having enough money for retirement — and for good reason.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
Social Security and Medicare affect nearly every American at some point in their lives.
As the large baby boom generation enters retirement and Americans continue to enjoy longer lifespans, more and more individuals will collect benefits from the system and for longer periods, while relatively fewer workers will contribute taxes to support it.