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 Administration has updated its projections for how long the trust funds it relies on to help pay benefits may last.

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…