The Social Security fund will run dry in 2033, unless Congress combines the program’s old-age and disability funds, in which case insolvency would arrive in 2034, the report found. A finding last year predicted Social Security would become insolvent in 2035 or 2036.

The Medicare Hospital Insurance Trust Fund is also set to run dry in 2033, three years earlier than the trustees previously projected. This fund helps cover stays in hospitals, nursing homes and hospices for Social Security recipients over 65 or those on disability insurance. After 2033, the fund will only be able to pay 89 percent of benefits.

The annual report forecasts the date when the trust funds will run out of money, triggering sharp automatic cuts in benefits. Here’s what you need to know.