Go-broke date for Social Security's retirement trust fund moves up

Main Idea: Social Security’s retirement trust fund is now projected to run short in 2032, one year sooner than expected, while Medicare’s hospital fund is still set to fall short in 2033.

Key Points:

• The trustees say Social Security will still pay benefits after the trust fund runs down, but only about 83% of scheduled payments unless Congress acts.
• Medicare’s hospital insurance fund is unchanged from last year’s estimate and is still expected to cover full benefits only until 2033.
• The new shortfall is tied mainly to lower birth rates, less immigration, and lower revenue from Republicans’ tax and spending law.
• Advocacy groups and Social Security leaders say Congress needs to act soon, but lawmakers have long delayed major fixes.