The Medicare and Social Security Trustees released their 2011 report today and the outlook is marginally worse. Social Security will run a cash deficit of $110 billion between 2010 and 2014. And Medicare's Hospital Insurance Fund will run out of money five years earlier than expected.
One surprise was the change in life expectancy in the Social Security report. The actuaries now assume men will live six months longer and that women will live about three months longer. That's good news for older Americans, but it also means Social Security has to write more checks to beneficiaries. The change in life expectancy accounted for half of the change in the forecast.
Other than that, the big news was in the Disability Insurance program. That program has a separate trust fund that is now projected to run out in 2018. 10 million people get disability benefits from Social Security. Congress is going to have to address that sooner rather than later.
Source: http://www.pbs.org/nbr/blog/2011/05/the_problem_with_living_longer.html
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