Social Security is dipping into its trust fund to pay current retirees, with spending outpacing its revenue from payroll taxes.

The annual report forecasts the date when the trust funds will run out of money, triggering sharp automatic cuts in benefits. Here’s what you need to know.

The trust funds for Social Security and Medicaid will run out of money in as little as 8 years, a shorter time frame than previously estimated, according to a report issued Wednesday by the programs’ trustees.