Examining the Future of Social Security, Medicare, and Your Taxes

The Social Security trust fund is now expected to be depleted by 2034, according to a recent report from the Social Security and Medicare trustees.[1] That’s one year earlier than they reported last year, and the pandemic is to blame. Less was collected in payroll taxes when unemployment was high, and more people claimed benefits. Although this information may seem like a death sentence for the program, the truth regarding the future of Social Security, Medicare, and your taxes may be more complex. Social Security and Medicare Once the Social Security trust fund runs out, payroll taxes will be […]