Social Security and Medicare are fading even faster under the weight of the recession, heading for insolvency years sooner than previously expected, the government warned Tuesday.
Social Security will start paying out more in benefits than it collects in taxes in 2016, a year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner, trustees reported.
The Alliance for Retired Americans responds:
“Today’s reports are a reminder that we must focus our energies on the lasting benefits of improving our economy and reforming our nation’s health care system. This is neither the time nor place for ideology or heated rhetoric. Instead, our nation’s retirees are looking to Washington to take specific steps to improve retirement security in America.”