A new report says Social Security trust funds are expected run out of money earlier than expected. There are two accounts that pay out benefits. One is the Old-Age and Survivors Insurance fund. That's expected to run dry in 2033, one year earlier than anticipated.
The other program is the Disability Insurance Trust fund. That's forecast to go bust in 2057.
While COVID, people taking early retirement, and the current employment environment are speeding things up, the system has been tapping it out quickly for years. Medicare’s hospital fund is expected to dry up in 2026.
Source:CNBC
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