Trustees: Social Security, Medicare Will Run Out of Money in 8 Years

The U.S. Social Security and Medicare programs for seniors will both run short of funds to pay full benefits in 2033, three years sooner than last year's estimate for the Medicare Hospital Insurance Fund, their annual trustees reports showed on Wednesday.

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The reports released by the Treasury Department showed that the worsening of Medicare's finances was due to higher-than-forecast near-term expenditures for hospitalizations of Americans over 65 years old.

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While the Social Security Old Age and Survivors Trust Fund's 2033 depletion year was unchanged from last year's report, it was advanced by three calendar quarters within that year, reflecting a Jan. 5 legislative change that had the effect of increasing projected benefits for some workers, according to the reports.

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• Social Security Benefits Expected to Rise 2.5% in 2026