Social security funds that many Americans rely on for their retirement benefits will be depleted sooner than expected as a result of the pandemic, according to a report published Tuesday by the Treasury Department
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The DI Fund will be funded until 2057, eight years earlier than estimated last year. At that point, it will only be able to pay 91% of scheduled benefits. Medicare's hospital insurance is on track to be depleted by 2026, the same estimate that was given last year, the report adds."Lawmakers have many policy options that would reduce or eliminate the long-term financing shortfalls in Social Security and Medicare," per the fact sheet.
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