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People line up outside of the Social Security Administration office in San Francisco. Photo: Justin Sullivan/Getty Images

Social security funds that many Americans rely on for their retirement benefits will be depleted sooner than expected as a result of the pandemic, according to a report published Tuesday by the Treasury Department.

Why it matters: Concerns about social security funding are not new, but the coronavirus pandemic seems to have taken another toll on Americans' finances.

The big picture: Most Americans rely on the two social security funds — the Old-Age and Survivors Insurance (OASI) Trust Fund and Disability Insurance (DI) Trust Fund — run by the Treasury Department for paychecks once they stop working after retirement or due to a disability, per CNBC.

  • "The finances of both programs have been significantly affected by the pandemic and the recession of 2020," the report's fact sheet notes.
  • The OASI Trust Fund will be able to make regular payments until 2033, one year earlier than was projected last year. After that, it will transition to only being able to pay 76% of scheduled benefits.
  • The DI Fund will be funded until 2057, eight years earlier than estimated last year. At that point, it will only be able to pay 91% of scheduled benefits.
  • Medicare's hospital insurance is on track to be depleted by 2026, the same estimate that was given last year, the report adds.

The bottom line: "Lawmakers have many policy options that would reduce or eliminate the long-term financing shortfalls in Social Security and Medicare," per the fact sheet.

  • "Taking action sooner rather than later will permit consideration of a broader range of solutions and provide more time to phase in changes so that the public has adequate time to prepare."

Go deeper

Axios-Ipsos poll: Biden trust takes a blow as COVID lingers

Data: Axios/Ipsos polls; Chart: Jared Whalen/Axios

For the first time in his presidency, Joe Biden faces a trust deficit among Americans when it comes to COVID-19, according to the latest installment of the Axios/Ipsos Coronavirus Index.

Why it matters: The latest findings point to malaise more than fear. But malaise could spell real trouble for a Democratic president who built his support on a pledge to steer the nation out of crisis — and whose party's bare House and Senate majorities are on the line in 2022.

32 mins ago - World

"I assume full responsibility," Duterte says of drug war

Rodrigo Duterte in 2017. Photo: Linus Escandor II/AFP via Getty Images

Philippines President Rodrigo Duterte said Thursday that he assumes full responsibility for a violent war on drugs that has killed thousands of people, Reuters reported.

Why it matters: Last month the International Criminal Court (ICC) formally authorized an investigation into alleged crimes against humanity during Duterte's war on drugs.

CDC approves boosters for Moderna and J&J and mix-and-match

Boxes containing vials of the Janssen COVID-19 vaccine. Photo: Jon Cherry/Getty Images

The Centers for Disease Control and Prevention's independent advisory panel voted unanimously to recommend booster doses of Moderna and Johnson & Johnson vaccine and allow people to mix-and-match doses.

The big picture: The agency aligns with the Food and Drug Administration authorization Wednesday night which said people could switch to whichever vaccine they wanted for their booster shot.