Most Americans want the President and Congress to prioritize addressing the shortfall in Social Security and Medicare.

In a recent Transamerica Institute survey, nearly 62% of respondents said they want the 澳洲幸运5官方开奖结果体彩网:shortfall in Social Security to be addressed, while about 51% prioritized finding a solution to Medicare funding gaps. These two issues ranked as Americans' two major concerns in ensuring retirement security.

The survey findings echo recent sentiment surrounding retirement savings and reliance on government-funded programs. While many younger generations know they must 澳洲幸运5官方开奖结果体彩网:save for retirement on their own, older generations still 🎉tend to depend on Social Security or Medicare.

Funding gaps in Social Security and Medicare may be a growing concern for retirees and those nearing retirement, especially as employer-funded pension plans are increasingly being replaced by employee-funded options like  401(k)s.

Those retired or nearing retirement are most concerned about a Social Security funding shortfall. The survey found that 82% of the Silent Generation (those born between 1928 and 1945) and 81% of 澳洲幸运5官方开奖结果体彩网:baby boomers (those born between 1946 and 1964) feel the Social Security funding shortfall is a priority compared to 50% of 澳洲幸运5官方开奖结果体彩网:millennials (those born between 1981 and 1996). 💝And 71% of retirees prior𝔍itized the Medicare shortfall versus 46% of those currently working.

Additionally, retirement is one of the 澳洲幸运5官方开奖结果体彩网:biggest worries for Americans ahead of the U.S. presidential elections.

Why Do the Social Security andꦍ Medicare Funding Short💙falls Matter? 

Social Security’s 澳洲幸运5官方开奖结果体彩网🐈:Old-Age and 🍸Survivors Insurance (OASI) Trust Fund—which provides benefits for retirees—is at risk of running short of funds in 2033. Unless Congress provides a fix before then, retirees wil♛l only receive 79% of their benefits starting in 2034.

Medicare’s Hospital Insurance Trust Fund (Medicare Part A) faces a similar risk. Beginning 2037, the hospital 澳洲幸运5官方开奖结果体彩网:insurance trust fund will run dry and retirees will only receive 89% of their benefits.

If benefits for either program were cut, it would affect millions. In 2024, more than 50 million people received Social Security retirement benefits and more than 65 million participated in Medicare.