Social Security's combined trust funds are projected to be depleted by 2034, a year earlier than previously anticipated, leaving it unable to fully pay benefits to millions. This is due to factors including increased benefits for certain workers and slower-than-expected fertility rate recovery. Medicare's hospital insurance trust fund is also expected to be exhausted sooner, by 2033, primarily due to increased medical spending and projected growth in services.

Prepared by Christopher Adams and reviewed by editorial team.