Retirement and disability funds face depletion in the next decade, with Congress urged to act to correct the looming shortfall.

When Social Security was first signed into law by President Franklin D. Roosevelt in August 1935, it created a crucial lifeline for Americans as they navigated their golden years. Roosevelt was passionate about the law,

Annual reports released by the Treasury Department on Monday revealed that the Social Security’s reserve funds, if combined, would run out of money to pay beneficiaries by 2034. In addition, the trust fund that pays Medicare’s hospital bills is expected to deplete by 2 033, three years earlier than initially anticipated, Politico reported.