Social Security will no longer be able to pay full benefits in 2033, a year earlier than previously expected, according to a report released Friday.
The updated projections, in the annual trustee report, mean that without action to stabilize the Old-Age and Survivors Insurance Trust Fund, Social Security would have enough money to pay about 77% of the total scheduled benefits.
A separate report for Medicare shows that its Hospital Insurance Trust Fund can continue paying full benefits through 2031, three years longer than previously expected. The fund would then have enough money to pay about 89% of expected benefits.
