Both Social Security and Medicare programs are heading towards insolvency in the coming years, according to annual reports released by the Trustees of the two programs.
The Social Security program will be insolvent in 13 years by 2035, the Social Security Trustees said in its report (pdf). Though the finances of the Social Security program have improved slightly when compared to last year, it still remains in peril.
At present, the program cannot guarantee full benefits to current retirees. The Social Security Old-Age & Survivors Insurance (OASI) trust fund is predicted to deplete its reserves by 2034.
Though the Social Security Disability Insurance (SSDI) trust fund is expected to remain in strong financial condition, the combined trust fund will deplete by 2035 when today’s youngest retirees turn 75, and 54-year-olds enter full retirement age….