A brighter economic outlook has helped push Social Security's projected trust fund depletion date one year later. But there's still urgency for Congress to act.

The Social Security Trust Funds are scheduled to be depleted in 2035, one year earlier than was projected last year, the Social Security and Medicare Board of Trustees said in a report released Monday.

Federal officials said they expect Social Security will deplete its combined reserves and run out of money to fully pay beneficiaries in 2035.

The latest report on the future of Social Security detailed the program's ability to pay out full benefits as a retirement crisis looms.

The Medicare trust fund will be exhausted in 2036, and the combined Social Security trust fund will become exhausted in 2035, the programs’ trustees projected on Monday. The report illustrates the long-term problems facing the entitlement programs,