The nation’s key program for retiree benefits continues to see financing shortfalls. Unless Congress acts, those drops could lead to payment cuts in eight years.

The Social Security program faces a longstanding financing shortfall that, if left unaddressed, would slash millions of retirees’ crucial monthly benefit payments in just eight years.

The deteriorating financial outlook for the retirement program, which supports roughly 61 million Americans, was released in its annual trustees report on Wednesday. It is now expected to run out of money nine months earlier than previously projected, which means benefits could be reduced by 23 percent if Congress does not act to bolster the program.

That puts the Social Security Old-Age and Survivors Insurance Trust Fund, which pays retiree and survivor benefits, on schedule to be depleted in 2033, or when today’s 59-year-olds turn 67. At that time, the program will have enough revenue coming in to pay only 77 percent

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