'The finances of both programs have been significantly affected by the pandemic and the recession of 2020,' trustees of the two programs said.
Medicare funds are expected to be exhausted in 2026, and Social Security will be unable to pay full benefits starting in 2034, according to a report released Tuesday by the programs' trustees, the Associated Press said.
"Given the unprecedented level of uncertainty" from the pandemic, there is no consensus on what the long-lasting effects on the programs will look like, according to the report.A new report estimates that Medicare funds will be exhausted in 2026 and Social Security will be unable to pay full benefits by 2034. Above, a Medicare services office in New York City on May 15, 2006.
Government economic experts who prepared the Social Security report said recent increases in inflation mean the cost-of-living adjustment for 2022 will approach 6 percent, a whopping jump from the 1.3 percent COLA awarded for this year.
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