A new federal report warns that Social Security’s retirement trust fund will run short of full funding by 2032, one year earlier than previously projected, while Medicare’s hospital insurance fund is expected to be depleted in 2033.

After those dates, both programs would still pay benefits, but only at reduced levels due to insufficient revenue.

The worsening outlook is driven by rising healthcare costs and federal spending pressures, and reflects long-standing concerns about the programs’ long-term solvency.

Officials and advocacy groups say the findings highlight the need for congressional action, though reforms have historically been politically difficult, ABC News has reported.

Despite the shortfall, millions of Americans continue to rely on these programs, with about 70 million enrolled in Medicare and many more receiving Social Security benefits.