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The trust funds that support Social Security will run dry in 2033 — three years earlier than previously projected — the government said Monday.

There was no change in the year that Medicare’s hospital insurance fund is projected to run out of money. It’s still 2024. The program’s trustees, however, said the pace of Medicare spending continues to accelerate. Congress enacted a 2 percent cut for Medicare last year, and that is the main reason the trust fund exhaustion date did not advance.

Read: Social Security Makes Changes: The Check Won’t Be In The Mail!

The trustees who oversee both programs say high energy prices are suppressing workers’ wages, a trend they see continuing. They also expect people to work fewer hours than previously projected, even after the economy recovers. Both trends would lead to lower payroll tax receipts, which support both programs.

Read: Ways To Avoid ATM Fees

Unless Congress acts — and forcefully — payments to millions of Americans could be cut.

Trouble! Social Security Will Cease To Work By 2033 was originally published on elev8.com

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