The estimate shaves one year off the previous projection for the Old-Age and Survivors Insurance (OASI) Trust Fund, which distributes Social Security benefits to retirees.

If the reserves are depleted, projected income for the account would only cover 77% of scheduled benefits.

The program's smaller Disability Insurance (DI) fund is just fine, and won't run out for at least 75 years according to the board. Out of the roughly 66 million people receiving Social Security, the vast majority - 57 million of them, receive benefits from the OASI Trust Fund, while 9 million receive benefits through the DI Trust Fund.

While both funds are separate, the accounts have usually been considered as a combined fund when discussing the program's solvency. Lawmakers have also allowed inter-fund borrowing between accounts to temporarily extend solvency in the past.

The retirement and disability trust funds together could cover 100 percent of total scheduled benefits until 2034, according to the report, one year sooner than the board previously reported.

If both funds are depleted before Congress can act to replenish them, the government would only be able to cover 80 percent of scheduled benefits to retirees and disabled beneficiaries. -The Hill