Senior Security: The Future of Social Security and Medicare Benefits in the U.S.

Due to stronger economic growth, productivity and immigration, trust funds supporting Social Security and Medicare benefits for U.S. seniors are improving, resulting in an increase in revenue collections for these programs. According to reports released by the U.S. Treasury on Monday, the Medicare Hospital Insurance Trust Fund’s reserves are now expected to last until 2036, which is five years later than previously projected. The combined Social Security trust funds are anticipated to run out in 2035, one year later than reported last year.

After 2036, the Medicare program that provides healthcare to seniors and some disabled individuals would only be able to pay 89% of total scheduled benefits. At that point, the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund would only be able to pay 83% of scheduled pension and disability benefits on a combined basis. Despite these projections indicating some positive developments for the future of Social Security and Medicare benefits, it is important to note that there is still work to be done in order to ensure long-term stability for these programs.