March 31, 2023
Medicare and Social Security Trustees Reports: What You Need to Know
AAF experts analyze the highlights of the Medicare and Social Security Trustees Reports that were released today. According to the reports, Medicare will go bankrupt in 2031— three years later than the previous projection, and the Social Security Trust Funds will go bankrupt in 2034, one year earlier than last year’s estimate.
Other statistics include:
- Medicare’s annual cash shortfall in 2022 was $404 billion;
- Over the next 75 years, Social Security will owe $22.4 trillion more than it is projected to take in.