Social Security projected to hit insolvency by 2034

[Geee]

The Hill :

Social Security and Medicare are inching slowly toward insolvency, according to annual trustees reports on the entitlement programs released Wednesday.

 

Social Security’s retirement and disability trust funds, combined, are on track for insolvency in 2034 — one year later than the entitlement program’s trustees predicted one year ago.

 

Treasury Secretary Jack Lew told reporters at a briefing that the funds are “secure today and will remain secure in the years to come,” but warned that they are also “facing challenges that need to be addressed” by Congress.

 

Still, the trustees warned that the Social Security Disability Insurance Trust Fund is still on track to run dry by late 2016. If Congress does not act to close that shortfall, the fund would only be able to pay out 81 percent of benefits.

 

The Medicare Hospital Insurance Trust Fund, meanwhile, is expected to be able to cover its obligations through 2030, the reports said. That’s 13 years later than what was projected before Congress passed ObamaCare.