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 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.

New projections indicate that Social Security will be unable to pay full benefits by 2033, raising concerns for future retirees.