New projections indicate that Social Security will be unable to pay full benefits by 2033, raising concerns for future retirees.

The Social Security shortfall date just moved a little bit nearer. New federal projections, released on June 18, show that the combined Social Security trust funds will pay 100% of benefits until 2034 before becoming depleted. That date is one year earlier than the Social Security Administration reported a year ago.

Social Security is dipping into its trust fund to pay current retirees, with spending outpacing its revenue from payroll taxes.