The financial outlook for Social Security has taken a hit this year, according to a newly released annual financial report by the program’s trustees. Without action from Congress, the program might need to reduce benefits for millions in a bit over six years.

Social Security’s funding issues have often been viewed as a problem for future administrations. Yet, the timeline has shifted closer, with funds predicted to deplete by the end of the next president’s term.

The Social Security Old-Age and Survivors Insurance trust fund aids more than 68 million retirees and survivors. It is now estimated to run out of funds by the end of 2032, a quarter earlier than previously projected. This depletion would mean the program could only cover 78 percent of benefits, equating to a 22 percent reduction in payments if no corrective measures are taken by lawmakers.

To avert such a scenario, a mix of tax increases or check reductions would need to occur. Myechia Minter-Jordan, CEO of AARP, emphasized, “This should be a wake-up call: Congress needs to act. Americans have worked hard and paid into Social Security their entire lives, and they deserve to count on it when they retire. No family should see any cuts to what they’ve earned in Social Security.”

Additionally, Medicare’s hospital trust fund is predicted to deplete by 2033, slightly ahead of previous estimates. By the second quarter of that year, Medicare might only fund 89 percent of its hospital bills. Meanwhile, federal budget deficits and long-term debts are expected to increase due to spending hikes on doctors’ visits and prescription medications, which are not financed through a dedicated fund.