Report warns of Medicare, Social Security insolvencies

Trustees say financial problems can’t be ignored

By Andrew Taylor and Ricardo Alonso-Zaldivar  Associated Press

WASHINGTON — Medicare will run out of money sooner than expected, and Social Security’s financial problems can’t be ignored either, the government said in a sobering checkup on programs vital to the middle class.

The report from program trustees says Medicare will become insolvent in 2026 — three years earlier than previously forecast. Its giant trust fund for inpatient care won’t be able to fully cover projected medical bills starting at that point.

The report says Social Security will become insolvent in 2034 — no change from the projection last year. Read More