It's a question Social Security Finance Committee trustees ask themselves every year – and one the American public asks all the time…
On July 22, the trustees answered with the release of their annual report. It was chock-full of likely scenarios, projections, and one big shocker….
According to the report: The funds supporting retirement and Medicare benefits are likely to run out by 2034.
It's important to note the trustees' estimates vary on a year-to-year basis (slightly, at least). Last year, they concluded trust fund depletion would occur in 2033.
But as it currently stands, when today's 48-year-olds will reach full retirement age, they will not have access to retirement/Medicare benefits unless something is changed, according to the Social Security Finance Committee's official report.