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Social Security is expected to hit insolvency in 2035, while the portion of Medicare that pays for hospital visits and other medical care will be insolvent by 2036.
Social Security has now passed Medicare as the most pressing insolvency risk among the twin pillars of America's social safety net, according to new government reports. But both programs are still ...
Medicare is projected to become insolvent in 2028, and Social Security will follow in 2033. After that, benefits will be forcibly cut unless more revenues are added.
The result, as predicted by the U.S. Budget Committee, could be a 21% reduction in Social Security benefits as of 2033 and an 11% cut to Medicare Part A benefits in 2036.
Funds are projected to become insolvent in 2033 or 2034 ... benefits have fallen short of COLAs by $1,054 on average,” according to the advocacy group’s Social Security and Medicare policy ...
A factor working against wealthier individuals and in favor of the poor with little other retirement income is that Social Security benefits become subject to federal income tax based on income. The portion varies with income level, 50% at $32,000 rising to 85% at $44,000 for married couples in 2008.
Trust funds used to shore up payments to Social Security beneficiaries are projected to become insolvent in 2035, one year later than estimated last year by the Social Security Board of Trustees.
Currently, the Social Security trust fund is on track to become insolvent by 2033 — or, if combined with the disability trust fund, by 2035, at which point the system will only have enough ...