The U.S. Social Security and Medicare programs for older people will both run short of funds to pay full benefits in 2033, three years sooner than last year's estimate for the Medicare Hospital Insurance Fund,

The trust funds for Social Security and Medicaid will run out of money in as little as 8 years, a shorter time frame than previously estimated, according to a report issued Wednesday by the programs’ trustees.

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.