The nation's premier retirement programs are running out of money, according to the latest Social Security and Medicare trustees' report, issued Friday. The report projects that Social Security will exhaust its trust fund surplus by 2033, after which the payroll tax will fund three-quarters of scheduled benefits through 2087, unchanged from last year's projections. Medicare is doing slightly better than last year's projections and is expected to cover benefits through 2026, said Treasury Secretary Jack Lew, who credited the Affordable Care Act with bolstering the program by controlling health care costs. Advocacy groups want Congress to lift the cap on the payroll tax to address the Social Security shortfall.
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