Fund Fails

Social Security is still in trouble:

Social Security’s combined trust funds — the Old-Age and Survivors Insurance and Disability Insurance trust funds — will have enough revenue to pay scheduled benefits and administrative costs until 2034, according to the report. That is one year earlier than projected last year. At that time, 81% of the combined benefits will be payable, according to the new projection. While the combined depletion date is used to gauge the Social Security’s solvency, current law prohibits joining those funds. However, Congress has authorized shifting of the funds in the past when there have been trust fund shortfalls. The Disability Insurance trust fund will be able to pay full benefits through at least 2099, according to the report. Medicare’s Hospital Insurance trust fund, which is associated with Medicare Part A and pays for certain health care services, will be able to pay full benefits until 2033, according to the Medicare trustees’ report that was also released on Wednesday. That is three years earlier than projected last year. At that time, 89% of benefits will be payable.

It's not security if it might not be there...