Social Security update: Report warns of shrinking social security trust funds

Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise

The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years 

By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people the Medicare prescription drug program

The premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.

The financial outlook for Social Security and Medicare, two of the nation’s preeminent safety net programs, has deteriorated over the past year 

Officials said that the Old-Age and Survivors trust fund is now able to pay scheduled benefits until 2033, one year earlier than reported last year 

The outlook, aggravated by the Covid pandemic, also threatens to shrink retirement payments