Experts advise monitoring these factors as Social Security's funds approach insolvency.

• The outlook for Social Security's funds has improved modestly due to a better economy.
• The need for imminent reform remains, according to experts, despite the program's outlook.

The Social Security program received a positive outlook from a new trustees report released on Monday.

The program's combined funds are now projected to run out in 2036, one year later than previously anticipated. At that time, 83% of benefits will be payable, unless Congress takes action before that date to prevent an across-the-board benefit cut.

The later projected depletion date is due to an improved economy, which includes higher labor productivity that enables workers to contribute to the program through payroll taxes.

The trustees' report indicates that while experts believe the good news ends, congressional action is necessary.

According to Jason Fichtner, chief economist at the Bipartisan Policy Center, if there is no significant change in the economy in the next 10 years, we will face trust fund depletion. This was stated during a Tuesday panel hosted by the Committee for a Responsible Federal Budget.

He suggested that the trust fund shortfall could be resolved through tax hikes, benefit reductions, or by drawing from general revenues.

Fichtner stated that while the national debt is $34 trillion, Social Security's unfunded liability is approximately $22 trillion. To ensure the program's solvency for 75 years, an immediate infusion of $22 trillion would be required.

"That's a lot of borrowing," he said.

The longer lawmakers wait, the larger the changes that will be necessary.

Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, stated in an interview that although it is an election year, there may not be immediate action. However, he predicted that Social Security will be a significant issue in the upcoming House, Senate, and presidential campaigns.

The Social Security trustees report has revealed some important information for this year.

1. Retirement fund depletion date is less than a decade away

Despite an improvement in the overall outlook for Social Security's trust funds, the date when the fund used to pay retirement benefits will run out remains unchanged.

In 2033, the fund will be depleted, resulting in 79% of benefits being payable.

With the depletion date now only nine years away, there are fewer factors that could alter the forecast, Fichtner stated.

2.  Disability fund is in good shape — for now

The trust fund designated for paying disability benefits should be sufficient to cover the full amount of benefits until the year 2098, which marks the end of the report's forecast period.

Laura Haltzel, a former research manager at Congressional Research Service and a Social Security expert, pointed out during a webinar that the decline in disability benefits paid from the trust fund is due to the fact that those receiving benefits are still working and contributing to the program.

Fichtner stated that the fund is highly sensitive to economic conditions.

If a major recession occurs, it is possible that many workers who are already struggling may seek disability benefits, which could impact the solvency of the trust fund.

"Fichtner stated, "We should not assume that [disability insurance] is sufficient and we've overcome the challenge. Instead, we must remain vigilant.""

3. The insolvency projection has not shifted

The insolvency date for Social Security, as predicted by its trustees since 2012, is expected to fall between 2033 and 2035.

Haltzel noted that the new trustees' report still projects that the combined funds may last until 2035.

Haltzel stated that the actuarial deficit has not shifted significantly.

4.  A declining birth rate may affect the program

The trustees of Social Security have lowered their assumption for the total fertility rate to 1.9 children per woman, which is the lowest ever, according to senior Treasury officials.

According to Linda K. Stone, senior retirement fellow at the American Academy of Actuaries, the birth rate plays a crucial role in long-term projections.

Stone stated that it would take 18 years for the current generation of children to become workers and contribute taxes to the system.

5.  Immigration may help give the program a boost

By attracting more workers through immigration, the government can increase tax revenue for the program.

Haltzel stated that immigration should be included in the solution.

She stated that while legal immigration is preferred, the program's effects from illegal immigration are often misconstrued.

She stated that many illegal immigrants often use a fake Social Security number, even though they contribute to the program through payroll taxes, they are not entitled to receive benefits.

"Unfortunately, we end up benefiting from illegal immigration," she stated.

Immigrants may also have a higher birth rate, Stone said.

She stated that more future workers were entering the system.

6.  More dramatic changes will be necessary with time

The longer lawmakers delay in addressing Social Security, the more drastic the solutions become necessary.

Fichtner stated that restoring the program's 75-year solvency could have been achieved by eliminating the maximum threshold on taxable earnings during President Barack Obama's presidency.

One suggestion that frequently emerges is to increase the retirement age.

Fichtner stated that we have exhausted our "one and done" policy alternatives.

In Congress, the topic of Social Security often turns into a political dispute, according to Richtman. However, the majority of Americans desire to safeguard the advantages they have earned.

Voters should ask candidates where they stand on the issue, Richtman said.

"What are your views on ensuring the continuation and improvement of Social Security, as opposed to everyone being in favor of it in theory?"