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.

That’s when the trust funds that underpin Social Security and Medicare are due to run low, which will mean that benefits get cut by a statutory amount. While Social Security gets most of the attention now,

Higher health care costs and a law Congress passed last year to boost retirement benefits for public sector workers worsened the long-term outlook of Social Security and Medicare trust funds, according to annual reports released Wednesday by the programs’ trustees.