The Wall Street Journal says the U.S. pension program known as “Social Security” will deplete its reserves by 2033, three years earlier than previously estimated.

Tens of millions of American people rely on the entitlement program that consists of two trust funds—one for retirees and the other for disability benefits.

Citing a new U.S. government report, the Wall Street Journal said reserves for the disability benefit fund would be exhausted by 2016, two years sooner than initially estimated.

It continued that the entire Social Security program would be exhausted by 2033 if the disability fund is combined with the retirement fund.

The depletion of the pension program will result in a 25 percent cut in payments to retirees and disabled people who received a monthly average of one-thousand-125 dollars in per-head benefits as of last month.