Social Security and Medicare, the government’s two biggest benefit programs, remain under intense financial pressure with the retirement of millions of baby boomers and a devastating pandemic putting increased pressures on the two programs’ finances.
FILE - In this Feb. 11, 2005 file photo, trays of printed social security checks wait to be mailed from the U.S. Treasury's Financial Management services facility in Philadelphia. The financial impact of the coronavirus pandemic on Social Security and Medicare is front and center as the government releases its annual report on the state of the bedrock retirement programs on Tuesday, Aug. 31, 2021.
The report said that “given the unprecedented level of uncertainty” there was no consensus on what the long-lasting effects of the pandemic will be on the two benefit programs. 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%, a whopping jump from the 1.3% COLA awarded for this year.
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