Cue up Elton's "Goodbye Yellow Brick Road" 'cause we're about to reach the end.
That's right – the money that keeps Social Security and Medicare running is drawn from a handful of trust funds — and those funds are projected to start running dry in just a few years.
If Congress does nothing, automatic cuts could begin around the time today’s retirees are still very much alive.
Most people think of Social Security as permanent, but it’s really powered by three big “trust funds” that operate like savings accounts. When payroll taxes and interest can’t cover what’s being paid out, the balances shrink — and right now, the clock is ticking fast.
According to the Committee for a Responsible Federal Budget, the main Social Security retirement fund could be insolvent by 2032, Medicare’s hospital insurance fund by 2033, and the combined Social Security funds by 2034.
That doesn’t mean the programs stop — but it does mean benefits could drop by about 20% unless Congress makes changes.
So here’s the simple question:
How old will you be when that happens?
How old will you be when key trust funds run out?
Enter your birth year to see your age in the projected insolvency years for Social Security and Medicare.
Bottom line: The numbers don’t lie — and for many of us, 2032 isn’t some far-off date. It’s a date we’ll live to see.
The question is whether Washington will act before the math catches up.
