(Bloomberg) -- Social Security’s Disability Insurance trust fundwill run out of reserves next year without congressional action,trustees said, urging U.S. lawmakers to address the nation’sunsustainable entitlement programs.

|

Beyond 2016, continuing income will be sufficient to pay 81percent of scheduled disability payments, trustees said in anannual report released in Washington on Wednesday.

|

One solution mentioned is Congress shifting funds from thelarger Social Security retirement fund.

|

Combined, the Social Security retirement and disability fundreserves are projected to be exhausted in 2034, a year later thanthe trustees predicted last year.

|

The Medicare health system will exhaustits main financial trust fund in 2030, the same year as predictedin the 2014 report.

|

“Lawmakers should take action sooner rather than later,” thetrustees, led by Treasury Secretary Jacob J. Lew, said in astatement released with the report. “Social Security as a whole aswell as Medicare cannot sustain projected long-run program costsunder currently scheduled financing.”

|

Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.