Medicare and Social Security funds are now expected to drain out earlier than previous estimates, according to two new reports released on Wednesday.
Social security is made up of two trust funds—old-age and survivors insurance (OASI) and disability insurance (DI). The two are combined for analyzing the overall status of social security funds, referred to as the Old-Age, Survivors, and Disability Insurance (OASDI) program.
The 2025 OASDI trustees report, published on June 18, said the total cost of the social security program started exceeding its total income in 2021. Currently, the fund is projected to be depleted by 2034, a year earlier than last year’s expected date of 2035….