The Social Security Board of Trustees released its annual report revealing that the Social Security Trust Fund is expected to be insolvent by 2034—one year earlier than projected last year. The Trustees noted that the actuarial deficit increased significantly in part due to implementation of the Social Security Fairness Act repealing the Government Pension Offset and Windfall Elimination Provision. On Medicare, the Trustees reported that the Hospital Trust Fund will be able to pay 100% of total scheduled benefits until 2033—three years earlier than reported last year. After 2033, the program will only be able to pay 89% of total scheduled benefits.
