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The Social Security Administration faces a funding crisis. Trustees say the projected shortfall in retirement benefits has risen to $25.1 trillion through 2099, up from $22.6 trillion a year ago.

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%.

Social Security is now expected to be insolvent in 2033, necessitating a 23% cut in benefits. The Medicare hospital fund will run out the same year, requiring an 11% spending cut.

Until 2010, workers paid more in Social Security taxes than what the federal government paid out in benefits, she said. Since then, Social Security has borrowed over $1 trillion to bridge the gap.