Social Security Benefits Will Be Cut by 2034, , a Year Earlier Than Expected Due to Pandemic.
The finding was articulated in the Social Security and Medicare trustees' yearly report released Aug.
30.
Without any kind of Congressional intervention, .
Social Security benefits will be reduced to 78 percent of current levels.
The timing of the expected cuts comes a year earlier than previously calculated.
The report cites the pandemic as contributing to the increased pace of reduced benefits.
Higher mortality rates and lower birth rates have significantly affected benefit stability.
In addition, the economic repercussions of the pandemic continue to unfold and be analyzed.
Depletion of Medicare Part A is expected by 2026.
Medicare Part A covers hospitalization and long-term care at nursing homes for seniors.
This benefit is expected to be cut to 91 percent of its current payout.
Medicare Part B, which is currently funded as required by law, will see no change.
In 2020, roughly 65 million people received Social Security benefits.
Medicare covered close to 63 million people.
The Biden administration has yet to release a plan to address the windfall