Trustees project biggest Social Security increase in years

The trustees released the 2018 projections Thursday, along with their annual warning about the long-term financial problems of Social Security and Medicare, the federal government's two bedrock retirement programs.

More than 61 million retirees, disabled workers, spouses and surviving children receive Social Security benefits.

If Congress allows either fund to be depleted, millions of Americans living on fixed incomes would face steep cuts in benefits.

"Congress must act to ensure the long-term fiscal viability and sustainability and survival of Medicare and Social Security," said Health and Human Services Secretary Tom Price.

Republicans in Washington have long clamored to address the long-term financial problems of Social Security and Medicare, the largest benefit programs run by the federal government.

"Opponents of Social Security may once again try to use this report as an excuse to cut benefits, including raising the retirement age," said Max Richtman, who heads the National Committee to Preserve Social Security and Medicare.

"With an aging population, our nation's most critical retirement programs — Medicare and Social Security — are feeling an increased financial squeeze that puts their future viability at serious risk," said Sen. Orrin Hatch, R-Utah, chairman of the Senate Finance Committee.