The Social Security and Medicare Boards of Trustees and the U.S. Department of the Treasury recently released its annual Social Security and Medicare Trustees Reports.
“Hardworking Americans shouldn’t have to worry about receiving the retirement benefits they’ve earned,” Secretary of Labor Lori Chavez-DeRemer said. “Unfortunately, this report shows the combined Social Security trust funds will be depleted by 2034.”
According to the report, the Old-Age and Survivors Insurance (OASI) Trust Fund and the Hospital Insurance Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033; the Disability Insurance (DI) Trust Fund is projected to be able to pay 100 percent of total scheduled benefits through at least 2099; and the Supplementary Medical Insurance Trust Fund is adequately financed into the indefinite future.
“Social Security and Medicare are vital programs that support tens of millions of Americans across the country,” U.S. Secretary of the Treasury Scott Bessent said. “This data underscores the need for lawmakers to take action to support the long-term viability of these programs. The Treasury Department is committed to providing more efficient and accountable payment services to America’s retirees and those who depend on Medicare.”
The projected long-term finances of OASI and DI worsened this year.