Social Security's retirement trust fund may dry up in February 2033, according to a new report from the Penn Wharton Budget Model shared exclusively with CNBC.

Social Security's retirement trust fund may dry up in February 2033, according to a new report from the Penn Wharton Budget Model shared exclusively with CNBC.

Penn Wharton Budget Model projects Social Security OASI trust fund depletion by 2032, one quarter earlier than last year, with only 83% of benefits payable.