Social Security and Medicare funds remain under pressure

Social Security and Medicare, the government’s two biggest benefit programs, remain under intense financial pressure with the retirement of millions of baby boomers and a devastating pandemic putting increased pressures on the two programs’ finances

WASHINGTON -- Social Security and Medicare, the government’s two biggest benefit programs, remain under intense financial pressure with the retirement of millions of baby boomers and a devastating pandemic putting increased pressures on the two programs’ finances. A report from the programs’ trustees released Tuesday moved up by one year the date for the depletion of Social Security’s reserves, now projecting that Social Security will be unable to pay full benefits starting in 2034 instead of 2035. Medicare is still expected to exhaust its reserves in 2026, the same date as estimated last year. “The finances of both programs have been significantly affected by the pandemic and the recession of 2020,” the trustees said.