HolyCoast: Social Security Will Run Out of Money Sooner Than Expected
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Wednesday, May 13, 2009

Social Security Will Run Out of Money Sooner Than Expected

All you young people, get out your wallets:

Social Security and Medicare trust funds are expected to run out of money sooner than expected, a report released Tuesday shows.

The report, from the programs' trustees, shows that expenses will exceed tax revenues for Medicare's hospital insurance fund in 2017, two years earlier than was estimated in a similar report in 2008.

Social Security's trust fund is expected to be exhausted in 2037, four years earlier than last year's estimate.

Us older folks are counting on you to pony up the extra money so we can retire in the style the government promised us.

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