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 vital programs that support tens of millions of Americans across the country,” said U.S. Secretary of the Treasury Scott Bessent. “This data underscores the need for lawmakers to take action to support the long-term viability of these programs. The Treasury Department is committed to providing more efficient and accountable payment services to America’s retirees and those who depend on Medicare. Under President Trump’s whole-of-government initiative, the Administration will continue to root out waste, fraud, and abuse across federal agencies to ensure quality service for beneficiaries and responsible stewardship of taxpayer funds.”
“Hardworking Americans shouldn’t have to worry about receiving the retirement benefits they’ve earned. Unfortunately, this report shows the combined Social Security trust funds will be depleted by 2034. As President Trump continues reining in wasteful spending, citizens who’ve paid into Social Security will be able to enjoy the secure retirement they deserve,” Secretary of Labor Lori Chavez-DeRemer said.
“Our country’s focus on sick care instead of health care is driving the rapid rise in projected spending,” said HHS Secretary Robert F. Kennedy Jr. “That’s why, under President Trump’s leadership, we launched the Make America Healthy Again agenda—to tackle the root causes of chronic disease, bend the cost curve, and protect Medicare for seniors for generations to come.”
“To ensure we serve the public and deliver high-quality service to the 185 million people who work and pay payroll taxes for Social Security and the 70 million beneficiaries who will receive benefits during 2025, the financial status of the trust funds remains a top priority for the Trump Administration,” said Commissioner of Social Security Frank Bisignano. “Congress, along with the Social Security Administration and others committed to eliminating waste, fraud, and abuse, must work together to protect and strengthen the trust funds for the millions of Americans who rely on it – now and in the future – for a secure retirement or in the event of a disability.”
“Medicare provides essential coverage for millions of American seniors, but this year’s report underscores the urgent need for serious, sustained reform to secure its long-term future,” said CMS Administrator Dr. Mehmet Oz. “This Administration remains fully committed to protecting and strengthening Medicare through responsible policies that preserve access to high-quality, affordable, patient-centered care while restoring long-term fiscal stability for taxpayers and future generations. That’s also why we’ve made crushing fraud, waste, and abuse in Medicare a top priority, which has led CMS to stopping more than $100 million in suspected fraudulent Medicare payments from going out the door to potentially bad actors over the last few months.”
The Social Security Trustees Report is available here, and the Medicare Trustees Report is available here. A fact sheet summarizing the reports can be viewed here.
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