News: June 3, 2022. Medicare and Social Security Close to Becoming Insolvent

The Trustees of the Social Security Program and the Medicare Program have predicted that the funds will become insolvent in 13 years and 6 years respectively.

So, by 2035, once the Social Security becomes insolvent, benefits will have to be cut by 20%.

Likewise, in 2028, once the Medicare program becomes insolvent, the benefits will be cut by then 10% with a further 20% cut expected by 2046.

Take a look at this article for further information.

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.