A Social Security Administration office in San Francisco.Getty ImagesThe Social Security trust funds that about 67 million Americans rely on for benefits are scheduled to be depleted in 2034, one year earlier than was projected last year, according to the annual trustees’ report released by the Treasury Department on Friday.Unless Congress takes action, at that time, 80% of scheduled benefits will be payable from the combined funds for old age and survivors insurance and disability insurance.The new depletion date comes as the trustees updated their projections for the U.S. economy to include recent output and inflation data. The expected levels of gross domestic product and labor productivity were revised down by about 3% for the projected time period, which worsened the outlook for Social Security’s combined funds, according to the report.Meanwhile, Medicare’s hospital insurance trust fund will be able to pay 100% of scheduled benefits until 2031, three years later than projected last year.More from Personal Finance:How to prioritize retirement and emergency savingsRoth IRAs don’t require withdrawals — unless they’re inheritedNew tool lets you play at fixing Social Security woesThe new estimates prompted renewed …
