(Bloomberg Law) -- Medicare’s trust fund will keep it afloat until 2065—13 years longer than forecast last year—but how the Covid-19 outbreak affects that remains to be seen, according to an annual report.
Wednesday’s report from the Social Security and Medicare Boards of Trustees also anticipates that Social Security can continue paying full benefits until 2034, the same as projected last year.
Both programs are going to see costs exceed GDP growth through the mid-2030s as baby boomers continue to age into retirement. For Medicare, its costs will outpace economic growth well into the late 2070s as demand for services increases.
Combined, Social Security and Medicare accounted for 41% of total federal spending in fiscal 2019.
