Dates CHANGED For Social Security and Medicare – Here’s What To Expect
(RightWing.org) – The Old-Age and Survivors Insurance (Social Security) and the Disability Insurance (Medicare) Board of Trustees submit an annual report to Congress detailing the past and future status of the programs. This year’s report showed minor improvement year-on-year for the Social Security Trust Fund and a major one for Medicare.
The Social Security Administration recently released the 2022 OASDI Trustees Reports. The trustees determined the Social Security Trust Fund would become depleted by the end of 2034, a one-year improvement over 2021’s projection of 2033.
Sort of good news. Go-broke dates pushed back for Social Security, Medicare https://t.co/0TEe1tWqls #FoxBusiness
— Dr. Richard Baker, AIF® (@RichardLBaker) June 3, 2022
However, the projections have remained within that two-year range for the last five years.
The OASDI Trustees attributed the one-year increase in the Social Security fund to a miscalculation in the 2021 report regarding the recovery of GDP, employment, and earnings from the 2020 recession. The report concluded the nation’s recovery has been “faster and stronger” than anticipated, “resulting in higher payroll tax receipts” and the taxation of benefits.
Medicare was a completely different matter, with the trustee reports showing wild fluctuations for the last five years.
- 2018 – End of 2032
- 2019 – End of 2052
- 2020 – End of 2065 (13 years later)
- 2021 – End of 2057 (8 earlier)
- 2022 – No longer projected to be depleted through 2096.
The reports attribute the shifts to the gradual flattening of the number of individuals hitting retirement age and other factors, like a reduction in the disability incidence rate from 5.0 to 4.8 per thousand people who meet program requirements but aren’t receiving any benefits.
Do you have any concerns regarding the long-term survivability of the Social Security and Medicare programs?
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