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.

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.

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%. The new projection,