Released today, the 2013 Social Security and Medicare Trustees’ report didn’t hold any big surprises. The Washington Post reports good news on the Medicare side, saying:
Slower health care cost growth has improved Medicare’s financial outlook, extending the program’s trust fund to last until 2026, two years later than forecast last year.
As for Social Security, the report was largely unchanged from last year. The Social Security Trust Fund continues to grow – now topping $2.8 billion – and is expected to reach $3 billion before the end of the decade. The Trust Fund is still predicted to be exhausted in 2033, at which point Social Security will be able to pay 3/4 of scheduled benefits.
However, as we’ve written before, there a few simple tweaks that will ensure this doesn’t happen – and they’re supported by 71% of Americans. One of those tweaks, called “Scrap the Cap,” is so popular we created a rap video about it.
To get the straight facts on Social Security for 2013, read our latest fact sheet >