The Social Security retirement program will be unable to pay full benefits by 2035, according to a new report issued Monday by the Trump administration.
Without reforms, the report says, payments to beneficiaries would have to be cut by 25 percent starting in 2035 to keep the program solvent.
The report said the program’s roughly $3 trillion in reserves will be depleted by 2035.
The government will have to tap into those reserves beginning in 2020, when the costs of the program will begin exceeding the income it receives from taxes.
That’s a small improvement from last year’s report, which estimated the reserves would be depleted by 2034.
The trust fund for Medicare that pays for hospital care will run out of money by 2026, an unchanged prediction from last year’s report. – READ MORE