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Thomas Edward Perez

Social Security benefits will rise next year, but just barely

Social Security benefits will rise next year, but just barely

Millions of Social Security beneficiaries would get a tiny increase in monthly payments next year — less than $2.50, about enough to buy a gallon of gas.

Meanwhile, Medicare is expected to go bankrupt sooner than expected — 12 years from now. And some beneficiaries could face higher monthly premiums next year.

The annual report from the trustees of the government's two bedrock retirement programs warned that politically gridlocked Washington needs to act sooner, rather than later, to shore up finances and avoid upending the lives of millions of retirees and their families.

Social Security's trust funds are expected to be depleted in 2034, unchanged from the...

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