Social Security and Medicare to run short sooner than expected

NEW YORK (CNNMoney) — Social Security and Medicare — the country’s two biggest entitlement programs — will run dry earlier than expected, according a report Friday from the programs’ trustees.

After the programs’ trust funds are exhausted, Social Security and Medicare will be taking in only enough money to pay a portion of promised benefits to retirees.

Combined, the cost of the programs represented 8.4% of the size of the nation’s economy last year — a figure that would jump to 11.8% by 2035.

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