Report says Social Security and Medicare may not be able to pay full benefits in 10 years

BISMARCK, N.D. (KFYR) - Social Security and Medicare may not be able to pay full benefits in the next ten years. That’s based on a report from the Entitlement Program’s Trustees annual report released on Tuesday.

Financial expert David Wald said we used to have a system supported by more workers than people receiving benefits, but now there are fewer workers and more recipients as the population ages. He said it’s not a good thing because we need to make some drastic changes, whether or not it’s making Social Security and Medicare benefits later in life.

“North Dakota’s population is more agent than the national average, and much more of the population is on Social Security and Medicare for their health care as a primary source, for example. That would have drastic effects if people had to wait longer to get on social security and Medicare,” said Wald.

Reports say Congress will have to act to prevent this from happening. Wald said they are going to have to make some funding changes. He said they are either going to have to fund the program more, cut benefits or increase the minimum age to get Social Security.

Wald said not to panic yet, but if you’re getting closer to retirement age, be aware that changes might be made to the retirement age.

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