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 nation’s key program for retiree benefits continues to see financing shortfalls. Unless Congress acts, those drops could lead to payment cuts in eight years.

The Medicare Hospital Insurance Trust Fund is also set to run dry in 2033, three years earlier than the trustees previously projected. This fund helps cover stays in hospitals, nursing homes and hospices for Social Security recipients over 65 or those on disability insurance. After 2033, the fund will only be able to pay 89 percent of benefits.