Social Security Benefits <br />Will Be Cut by 2034, , a Year Earlier Than Expected <br />Due to Pandemic.<br />The finding was articulated in the Social Security and Medicare trustees' yearly report released Aug. 30.<br />Without any kind of Congressional intervention, .<br />Social Security benefits will be reduced <br />to 78 percent of current levels.<br />The timing of the expected cuts comes a year earlier than previously calculated.<br />The report cites the pandemic as contributing <br />to the increased pace of reduced benefits.<br />Higher mortality rates and lower birth rates have significantly affected benefit stability.<br />In addition, the economic repercussions of the <br />pandemic continue to unfold and be analyzed.<br />Depletion of Medicare Part A is expected by 2026.<br />Medicare Part A covers hospitalization and <br />long-term care at nursing homes for seniors.<br />This benefit is expected to be cut to <br />91 percent of its current payout.<br />Medicare Part B, which is currently funded <br />as required by law, will see no change.<br />In 2020, roughly 65 million people received <br />Social Security benefits.<br />Medicare covered close to 63 million people.<br />The Biden administration has yet to <br />release a plan to address the windfall
