The combined Social Security trust fund will become exhausted in 2034, one year earlier than previously anticipated, the program’s trustees projected on Wednesday.

A report from the trustees illustrates the long-term problems facing the entitlement programs on which tens of millions of people rely. Social Security is a popular retirement program that people can claim beginning at age 62. However, benefits increase the longer one waits to claim them, but they cap out at a retirement age of 70.