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Social Security, Medicare Benefits may run out sooner than expected

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Posted at 5:37 PM, Apr 24, 2012
and last updated 2012-04-24 17:39:49-04

The trustees in charge of Social Security and Medicare say the benefit programs are closer to running out of money than previously thought.

A surge of retirees, a weak economy and a lack of reform from Washington are to blame.

The trustees report Social Security trust funds will likely run dry in 2033, three years earlier than expected.

Meanwhile, Social Security disability benefits could run out by 2016.

The trustees also say Medicare’s hospital insurance fund could be out of money by 2024 unless changes are made.