Medicare reserves seen lasting three years less than prior forecast

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"However, certain long-term issues persist", the statement added. For example, fewer new disability claims have been registered in recent years than previously expected, so the Social Security trust fund for that portion of the program will not be depleted until 2032, rather than 2028.

Cubanski also said that Americans with higher incomes and more lucrative Social Security benefits will benefit from federal tax cuts that will lower paycheck deductions.

Of the two programs, Medicare faces the greatest fiscal challenges as medical costs increase and the USA ages, with many baby boomers set to retire in the next several years. The average monthly payment is $1,294 for all beneficiaries. Medicare covers health insurance for approximately 60 million people.

Together, the two programs have been credited with dramatically reducing poverty among older people and extending life expectancy for Americans.

Medicare Part B premiums - which cover visits to physicians and other outpatient costs - should remain stable next year, the trustees said. No cuts. No retirement age increases.

Still, tax collections would be sufficient to pay about three-fourths of promised benefits for a half-century. It will decline further to about 2.2 by 2035, when most baby boomers will have retired, officials said.

While the boost is welcome news, retirees continue to experience spikes in common household expenditures that are growing several times faster than 3%, the League reports.

Apple's new wellness features really, really want to fix your smartphone addiction
The update will work on any Apple device that is now capable of running iOS 11, which includes iPhone 5s and iPad Air and later. The apps would be displayed when users searched using certain keywords in Pinterest, say, or Snapchat, according to the report.

Treasury Secretary Steven Mnuchin downplayed any pending crisis, although he acknowledged Medicare faces many long-standing economic and demographic challenges. The public trustee posts are now unfilled.

The Social Security Administration's main campus in Woodlawn, Md.

Democrats, meanwhile, want to extend the social safety net by spending more on health care and education.

The twin warnings come as Congress has cut revenue and boosted spending - moves that, analysts say, will leave the government's finances struggling for years to come.

Higher deficits would leave less maneuvering room for policymakers when the day of reckoning finally arrives for Social Security and Medicare.

Trump administration officials instead are counting on a strong economy to improve the solvency of Social Security and Medicare. That money is invested in special government securities, which also collect interest.

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