Social Security and Medicare are critical social insurance programs the American people rely upon. They provide crucial support and have stood the test of time, contributing to the financial security of millions in the United States.
And yet, there is no question that this safety net is facing substantial financing challenges. If left unaddressed, these programs’ trust funds will run out and their spending (e.g., benefits) will face drastic cuts.
This chartbook explains what you need to know about the status of Social Security and Medicare – who the programs cover, how they are funded, and what their financial outlook is – in 10 questions and answers.