US Economic Recovery Seen Extending Social Security Solvency by a Year
- Retirement fund gains year, now seen fully funded until 2034
- Medicare hospital fund seen solvent two extra years, until ‘28
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The Social Security system’s retiree fund will be able to fully pay scheduled benefits until 2034, bolstered by higher-than-expected tax receipts stemming from a strong US economic recovery, according to the Treasury Department.
That gives the key fund an extra year compared with forecasts made last year, the Treasury said in a report Thursday.