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WASHINGTON — Following a meeting of the Social Security and Medicare Boards of Trustees, the U.S. Department of the Treasury—joined by Departments of Health and Human Services and Labor, the Centers for Medicare & Medicaid Services, and the Social Security Administration—released the annual Social Security and Medicare Trustees Reports.

“The Biden-Harris Administration is committed to protecting and strengthening Social Security and Medicare which represent promises to America’s seniors and play a vital role in our economy,” Secretary of the Treasury Janet L. Yellen said. “This latest report shows an improvement in the financial position of Social Security and Medicare, reflecting the strong economic recovery and growth in the last year. However, in the coming decades it will be vital for Congress to take steps to put Social Security and Medicare on solid financial footing for the long term.”

“The Biden-Harris Administration understands that Social Security is a critical part of a secure retirement,” Secretary of Labor Marty Walsh said. “As the nation’s economic recovery continues, we will continue working to ensure that America’s workers, retirees and their families are able to enjoy an economically secure and dignified retirement.”

“For almost sixty years, Medicare has been a lifeline and steady foundation for generations of Americans,” said Health and Human Services Secretary Xavier Becerra. “It is critical that we continue to protect this vital program that serves millions of seniors and individuals with disabilities. The Biden-Harris Administration will continue to strengthen Medicare and ensure it remains strong for current and future beneficiaries.”

“We are committed to running a sustainable Medicare program that provides high quality, person-centered care to older Americans and people with disabilities,” said CMS Administrator Chiquita Brooks-LaSure. “Medicare trust fund solvency is an incredibly important, longstanding issue and we are committed to working with Congress to continue building a vibrant, equitable, and sustainable Medicare program.”

“It is important to strengthen Social Security for future generations. The Trustees recommend that lawmakers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually,” said Kilolo Kijakazi, Acting Commissioner of Social Security. “Social Security will continue to be a vital part of the lives of 66 million beneficiaries and 182 million workers and their families during 2022.”

The Social Security Report is available here, and the Medicare Trustees Report is available here. A fact sheet summarizing the reports can be viewed here.

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