The funds used to provide millions of Americans with Social Security and Medicare benefits are expected to run dry by 2035.
According to the Social Security Administration annual trustees report released Monday, Social Security is expected to face revenue shortfalls starting next year and be depleted by 2035, Fox Business reported.
The report said that the program, which services some 68 million people each year, will be spending more than it takes in beginning in 2020. According to a 2018 forecast, the program would be able to pay 100 percent of benefits until 2034. However, it will only be able to fund about 80 percent of benefits by 2035.
“Both Social Security and Medicare face long-term financing shortfalls under currently scheduled benefits and financing,” the report said.
When looked at separately, the Old-Age and Survivors Insurance trust fund will run out of reserves by 2034. However, Social Security disability funds, which come from Medicare, will not run out until 2052.
The average Social Security and/or Supplemental Security Income benefit was $ 1,347.06.