Consumers who have neglected setting up a suitable retirement strategy may now have even more of a reason to get their finances in order.
According to a report from Social Security and Medicare trustees, the two entitlement programs are expected to run out of funding sooner than was previously expected.
Medicare is only expected to provide 100 percent of its promised benefits through 2024 – a drastic reduction from the 2029 mark the trustees predicted last year.
Social Security will have enough funding to provide all of its promised benefits through 2036, which is a year less than what was previously reported, according to CNN Money.
Treasury Secretary Tim Geithner recently said the government needs to put policies in place now to counter the expected depletion of the two funds. Waiting to take action may result in "larger, more difficult adjustments," he said.
Consumers who are using this news to get their finances in order may also benefit from working on ways to get credit score help. A number of individuals have been able to boost their three-digit numbers by looking for unverifiable or inaccurate items on their credit reports and disputing them.
Any time a credit company cannot substantiate a negative mark on a person's credit report, such as a missed payment, the consumer has the right to challenge it and potentially have it removed from his or her records.