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September 01, 2020 1:28pm
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Social Security faces insolvency in 2033, one year sooner than previously expected

Social Security and Medicare funds face long-term financial crunches that could mean some benefits get cut sooner, according to annual government reports.

The Social Security retirement fund could run out of money as soon as 2033, a year earlier than previously projected, according to a new government report released Friday.

"Social Security and Medicare are two bedrock programs that older American rely upon for their retirement security," Treasury Secretary Janet Yellen said in a statement. "The Biden-Harris Administration is committed to ensuring the long-term viability of these critical programs so that retirees can receive the hard-earned benefits they’re owed."

This is a developing story. Please check back for updates.

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