Social Security funds to run out sooner than expected

The new end date for the retirement and disability trust funds is 2033, three years earlier than previously projected. Medicare's hospital insurance fund is projected to run out of money in 2024, which is unchanged from last year (Congress enacted a 2 percent reduction last year). These specific dates aren't all that important because they will be changing - based on whatever the economy does - and because Congress has the power to make adjustments (raising the retirement age at some point is a good bet). Still, it's another reminder that the system is under stress. From AP:

The trustees said in their annual report that Congress should address the programs as soon as possible, but no action is likely before the November election. "Lawmakers should not delay addressing the long-run financial challenges facing Social Security and Medicare," the trustees wrote. "If they take action sooner rather than later, more options and more time will be available to phase in changes so that the public has adequate time to prepare."