Social Security: What Would Happen If the Trust Funds Ran Out? [November 23, 2016] [open pdf - 858KB]
"The Social Security trustees project that, under their intermediate assumptions and under current law, the Disability Insurance (DI) trust fund will become depleted in 2023 and the Old-Age and Survivors Insurance (OASI) trust fund will become depleted in 2035. Although the two funds are legally separate, they are often considered in combination. The trustees project that the combined Social Security trust funds will become depleted in 2034. At that point, revenue would be sufficient to pay only about 79% of scheduled benefits. [...] Trust-fund insolvency could be avoided if outlays were reduced or income increased sufficiently. The sooner Congress acts to adjust Social Security policy, the less abrupt the changes would need to be, because they could be spread over a longer period and would therefore affect a larger number of workers and beneficiaries. Even if changes were not implemented immediately, enacting them sooner would give workers and beneficiaries time to plan and adjust their work and savings behavior."
via Federation of American Scientists: http://www.fas.org/sgp/crs/index.html