Social Security at risk in 2034

(CNN)– Social Security will not be able to fully pay-out monthly benefits in less than ten years if Congress does not take action.

That’s according to an annual report released Wednesday (June 18) by the agency’s trustees.

It finds the combined social security trust funds are expected to run dry in 2034, one year earlier than previously forecasted.

If that happens revenue from payroll tax and other sources would only be able to cover 81% of benefits to recipients.