The Social Security shortfall date just moved a little nearer. New federal projection released June 18 show the combined Social Security trust funds will pay 100% of benefits until 2034 before becoming depleted. That date is one year earlier than the Social Security Administration reported a year ago.

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 Social Security and Medicare programs face looming financial pressures, with trust fund depletions approaching unless lawmakers take action.