Social Security and Medicare Face Potential Benefit Cuts by 2033

Congress urged to act swiftly as key trust funds near depletion, risking significant reductions in payouts.

Social Security's Old-Age and Survivors Insurance trust fund may deplete by 2033, reducing benefits by 21%.
Combined with Disability Insurance, the depletion date extends to 2035, still resulting in reduced benefits.
Medicare's Health Insurance trust fund could face depletion by 2036, affecting hospital care coverage.
Chief actuaries emphasize the need for early congressional reforms to minimize impact on beneficiaries.
A proposed bipartisan fiscal commission aims to address these financial challenges before automatic cuts occur.