Social security to run short in 2035 if Congress doesn’t act

(CNN)– A new report found just over a decade from now social security and medicare won’t be able to fully pay benefits.

According to the entitlement program’s trustees annual report, if congress doesn’t act fast to address the pending shortfalls there will be fewer options.

The report says the combined social security trust funds are expected to be exhausted in 2035.

Following that payroll tax revenue and other income sources will only be able to cover 83% of benefits owed.

In 2023, around 67 million Americans received social security benefits.