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The main trust fund to pay for Social Security benefits is expected to run out in 2033
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And when combined with the disability insurance fund, the outlook gets even worse
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According to a new report from the Social Security Administration, the combined trust fund is now projected to be depleted by 2034
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a full year earlier than previously estimated. Pew Research says nearly 74 million Americans are currently receiving
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Social Security benefits, including 52.5 million retirees. By 2034, the program will only be able
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to pay about 81 percent of scheduled benefits unless Congress takes action. The main issue
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the number of beneficiaries is growing faster than the number of workers paying into the system
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By 2033, the projected shortfall is expected to reach $414 billion. Lawmakers are facing
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increasing pressure to address the funding crisis. Possible solutions include raising payroll taxes
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cutting benefits, or increasing the retirement age. Options that are all politically controversial
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