Getty Images/iStockphoto Medicare and Social Security are running out of money more quickly than expected, officials said Tuesday.
Government trustees reported that a combination of rising costs and an aging population cut the life expectancy of Medicare’s trust fund to just 8 years.
The program is now expected to deplete its funds by 2026, down from last year’s estimate of 2029.Meanwhile, higher benefit payouts mean Social Security will have to dip into its nearly $3 trillion trust fund for the first time since 1982 — and trustees warned the program would be insolvent by 2034.The news was not all bad at […]
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