Social Security can tap its trust funds for the time being to keep up with its financial obligations. But once those trust funds run dry, benefit cuts will be on the table. And that could happen in about a decade's time.

The go-broke dates for benefit programs Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report.

Life expectancy at birth has increased by nearly 16 years since the program started, yet the Social Security eligibility age has only increased by two years. Eligibility ages, currently at 62 and 67, should be raised to 65 and 70. Raising the full-benefit age to 70 would save $121 billion between now and 2032.

The Social Security Trustees annual report this week gives a fresh estimate for how long Social Security reserve funds will last.

The Social Security Administration said it has enough funds to pay benefits for retirees until 2033. After that, it would cover 79% of them.

Each year, the trustees of the Social Security and Medicare trust funds issue reports on the current and projected financial status of the two programs, which are critical for kee

The trust funds that help pay Social Security benefits to some 67 million Americans are projected to run dry in 2035, the Social Security Administration (SSA) outlined in its annual report to Congress on Monday.

What if the traditional wisdom on how to fix Social Security no longer holds? The trustees who oversee the program issued their annual financial forecast on Monday, predicting that the combined retirement and disability trust fund reserves will be depleted in 2035 - one year later than forecast last year.

If you’re worried about the projected shortfall that will come in 2035, here’s how to do the math on your own retirement-success chances.