Social Security is on track to deplete its trust funds by 2034, one year sooner than previously forecast, when the federal retirement program will be required to cut monthly benefits by about 20%. The new projection,

Social Security will not be able to fully pay monthly benefits to tens of millions of retirees and people with disabilities in 2034 if lawmakers don’t act to address the program’s pending shortfall, according to an annual report released Wednesday by Social Security’s trustees.

The number of retirees claiming Social Security at age 62 declined between 2019 and 2023 among men and women, according to data from the Center for Retirement Research at Boston College. For men, the percentage declined from 31% in 2019 to 26% 2023. That compares to 27% of women claiming at 62 in 2023, down from 34% in 2019.