Social Security Fund to Go Broke by 2041

The Social Security trust fund will be exhausted by the year 2041, a year earlier than projected, according to the program's trustees. The updated projections were part of the trustees' annual report, which also noted that the Medicare program will spiral into insolvency by the year 2020. The respective dates are when the trust funds for both Social Security and Medicare will have gone through the government bonds slated for retirement benefits for the roughly 78 million Baby Boomers. For Social Security, the threshold when benefits exceed monies being paid into program will occur in 2017 -- a year earlier than initially projected. Medicare passed that ominous threshold last year.