Social Security, Medicare projected to last longer than expected: trustees

A board of trustees managing accounts for Social Security has projected that the program will run short of funds later than initially expected, due in part to economic growth.

Social Security Administration Commissioner Martin O’Malley highlighted that, in light of the projected depletion date, "any potential benefit reduction event has been pushed off from 2034 to 2035," according to The Hill.

His remarks follow the trustees projecting that both the Old-Age and Survivors Insurance (OASI) Trust Fund and Disability Insurance (DI) Trust Fund will run short of funds in 2035.

Their report further suggested that income generated off the funds will only be able to cover 79% of benefits once the program's reserves run dry.

Medicare's hospital insurance trust fund, meanwhile, faces a depletion date of 2036, according to the Associated Press. 

Roughly 71 million people receive Social Security benefits while more than 66 million people enjoyed coverage through Medicare last year.

Ben Whedon is an editor and reporter for Just the News. Follow him on X, formerly Twitter.