U.S. Social Security Fund Seen Depleted By 2033

USA – The U.S. Social Security System’s main trust fund’s reserves will be depleted in 2033, one year earlier than estimated last year, while Medicare’s finances have improved slightly.

Reports from the programs’ trustees showed on Friday the Medicare Hospital Trust Fund reserves are now expected to be depleted in 2031 compared to an estimate of 2028 made last year, due in part to new estimates showing higher revenue data.

Both the Social Security and Medicare trustees reports said that the programs’ finances are unsustainable in the long term, and Biden administration officials urged congress to adopt President Joe Biden’s proposal to raise medicare taxes on wealthy Americans.