WASHINGTON (AP) — The financial conditions of the government’s two biggest benefits programs remain shaky, with Medicare projected to become insolvent in six years and Social Security on track to no longer be able to pay full benefits starting in 2035.
And that’s without accounting for the impact of the coronavirus, which is sure to impose further pressure on the two programs.
For Social Security, the projected 2035 date for exhausting the trust fund reserves means that it would be able to pay only 79% of benefits at that time.
The projected timetables, which remained unchanged from last year’s estimates, were revealed with the release of the annual trustees’ reports of both programs.
Upstate News Headlines
- Chief: smoke scare from HVAC unit prompts response from Spartanburg Co. fire departments
- Spartanburg mother of 4 returns home from 21 year prison sentence sharing encouraging message for community
- Dispatch: armed robbery reported at Greenville Co. food mart
- Rico Nasty Shines on the Mercurial Nightmare Vacation
- Greenville Co. Schools shifts quarantine policy to 10 days with new CDC guidance
- Mario's First English Manga, Super Mario Manga Mania, Is Releasing in December
- Weekend Things to Do: Greenville South Carolina
- John Boyega's Year Culminates In Every Way With Small Axe: Red, White and Blue
- A volunteer was attacked by a tiger at Carole Baskin’s Big Cat Rescue
- Among first acts, Biden to call for 100 days of mask-wearing