India, Aug. 10 -- Social Security's combined trust funds are projected to run dry in 2034, according to the programme's 2026 annual trustees' report, with actuaries warning that the underlying long-term funding gap has deteriorated sharply over the past year even as the headline depletion date held steady.

The report, issued on 9 June by the Board of Trustees overseeing the funds, found the retirement-only trust fund, known as Old-Age and Survivors Insurance, is now projected to be depleted in the fourth quarter of 2032, one quarter earlier than last year's forecast, according to the Committee for a Responsible Federal Budget.

Social Security Funding Shortfall: What Happens Once The Trust Fund Actually Runs Out?

Depletion would not eli...