After the pandemic-induced recession in the United States, everyone and the government thought that the reserve funds for the Social Security and Medicare programs were going to end soon. A new report announces that it may last longer, so this is good news for all the people who receive their benefits through Social Security.
The trustees of the Social Security programs released a report last Thursday that said there is a trust fund to pay full retirement benefits through 2034, so all those years are assured. Therefore, all the people who have their Social Security retirement or will begin to have it soon can breathe easy.
All this means that what was foreseen during the year 2021 has been extended one more year. Since it was thought that there would be enough money until the year 2033. This is very good news for everyone.
They extend Medicare as well
Just as Social Security benefits will be great for two more years, so has Medicare. The Medicare organization has everything covered until next year 2028, so this is also not a worrisome situation for everyone receiving this medical benefit.
This is good news, although it is true that the United States Government is concerned about all the benefits coming in after those years. It is already thinking about a plan to deal with the post-2034 cash shortage.
The Disability Insurance trust fund is also insured
People with disabilities who receive a benefit from Social Security have their benefit for 75 more years. The forecast, at least, is what it says. This is, without a doubt, very important news, since during the year 2021 Social Security reported that this type of benefit was insured until 2057, so we see a very noticeable improvement in that aspect.
Therefore, we can conclude that Social Security is safe for at least the next few years. We don’t have to worry about whether or not we will cash our retirement or disability check.
