Press Releases

Treasury Releases Social Security and Medicare Trustees Reports

WASHINGTON — Following a meeting of the Social Security and Medicare Boards of Trustees, the U.S. Department of the Treasury—joined by Departments of Health and Human Services and Labor, the Centers for Medicare & Medicaid Services, and the Social Security Administration—released the annual Social Security and Medicare Trustees Reports.

“Social Security and Medicare are two bedrock programs that older American rely upon for their retirement security,” Secretary of the Treasury Janet L. Yellen said. “The Biden-Harris Administration is committed to ensuring the long-term viability of these critical programs so that retirees can receive the hard-earned benefits they’re owed.”

“Social Security and Medicare are a vital promise to America’s workers to help ensure they can enjoy a secure and dignified retirement,” said Acting Secretary of Labor Julie A. Su. “While historic job growth has put the Trust Funds on a better footing, the Department of Labor will continue to work to deliver retirement security for future generations.”

“The Biden-Harris Administration’s commitment to protecting and strengthening Medicare is unwavering. President Biden has taken bold action – proposing a budget that extends the life of the Medicare Trust Fund by at least 25 years and passing historic legislation to strengthen benefits and lower prescription drug costs for people with Medicare,” said Health and Human Services Secretary Xavier Becerra. “The President has made his position clear: we will do everything we can to strengthen Medicare for the 65 million beneficiaries today and millions more in the years to come. Medicare is part of the fabric of this nation – now and for future generations who will count on it. We call on Congress to join the President's fight and work with us to deliver on this commitment for the American people.”

“Medicare is a key pillar of our health care system and a sacred promise that we’ll support the generations who came before us and those who come after,” said CMS Administrator Chiquita Brooks-LaSure. “Everyone in the Biden-Harris Administration is committed to protecting Medicare, and we look forward to working with Congress to strengthen this vital program serving over 65 million Americans.” 

“The Trustees continue to recommend that Congress address the projected trust fund shortfalls in a timely fashion to phase in necessary changes gradually,” said Kilolo Kijakazi, Acting Commissioner of Social Security.  “Social Security will continue to play a critical role in the lives of 67 million beneficiaries and 180 million workers and their families during 2023.  With informed discussion, creative thinking, and timely legislative action, Social Security can continue to protect future generations.”

The Social Security Report is available here, and the Medicare Trustees Report is available here. A fact sheet summarizing the reports can be viewed here.