Social Security can tap its trust funds for the time being to keep up with its financial obligations. But once those trust funds run dry, benefit cuts will be on the table. And that could happen in about a decade's time.

Each year, the trustees of the Social Security and Medicare trust funds issue reports on the current and projected financial status of the two programs, which are critical for kee

The Social Security Administration said it has enough funds to pay benefits for retirees until 2033. After that, it would cover 79% of them.

Life expectancy at birth has increased by nearly 16 years since the program started, yet the Social Security eligibility age has only increased by two years. Eligibility ages, currently at 62 and 67, should be raised to 65 and 70. Raising the full-benefit age to 70 would save $121 billion between now and 2032.

The Social Security Trustees annual report this week gives a fresh estimate for how long Social Security reserve funds will last.

The Social Security Administration said Monday it has enough funds to pay all scheduled benefits and associated administrative costs until 2035.