Trust funds that finance Medicare and Social Security are at risk of insolvency within 7 years, cutting benefits up to 24%, a new report warns

A new report warns that the trust funds financing Medicare and Social Security could face insolvency within the next seven years, potentially leading to benefit cuts of up to 24%. This is particularly concerning for individuals nearing retirement, such as a couple turning 60 this year, who could see a significant reduction in their Social Security benefits, amounting to $18,400. The implications of this report highlight the urgent need for policy discussions on how to sustain these essential programs for future generations.