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.

The Social Security shortfall date just moved a little bit nearer. New federal projections, released on June 18, show that the combined Social Security trust funds will pay 100% of benefits until 2034 before becoming depleted. That date is one year earlier than the Social Security Administration reported a year ago.

The cost-of-living adjustment, commonly referred to as COLA, has been a long-standing element of Social Security benefits, being put it in place in 1975. The adjustment is designed to keep payments in line with inflation so that the purchasing power of benefits is not eroded over time.