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 trust funds that the Social Security Administration relies on to pay millions of U.S. retiree benefits could be depleted by 2034, according to a government report released this week.

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.