A stronger-than-expected economic recovery from the pandemic has pushed back the go-broke dates for Social Security and Medicare, but officials warn that the current economic turbulence is putting additional pressures on the bedrock retirement programs.
The annual Social Security and Medicare trustees report released Thursday says Social Security's trust fund will be unable to pay full benefits in 2035, instead of last year's estimate of 2034. The year before that it estimated an exhaustion date of 2035.
People are also reading… Social Security pays benefits to more than 65 million Americans, mainly retirees as well as disabled people and survivors of deceased workers. Medicare covers roughly 64 million older and disabled people. The impact of the economic recovery on the trust funds has been resoundingly positive, which was stronger and faster than expected, a Treasury official said Thursday on the condition of anonymity during a call with reporters.
There was some good news for retirees, however. This year, Social Security retirees got a 5.9% boost in benefits this year, which was the biggest cost-of-living adjustment, also known as COLA, in 39 years.
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