That’s when the trust funds that underpin Social Security and Medicare are due to run low, which will mean that benefits get cut by a statutory amount. While Social Security gets most of the attention now,

Both programs are expected to need to cut monthly benefits in less than a decade as their trust funds run dry.

The U.S. Social Security and Medicare programs for older people will both run short of funds to pay full benefits in 2033, three years sooner than last year's estimate for the Medicare Hospital Insurance Fund,