Rising costs and an aging population mean Medicare is in danger of running short of funds in about eight years.

The U.S. Social Security and Medicare programs for older people will both run short of funds to pay full benefits in 2033, three years sooner than last year's estimate for the Medicare Hospital Insurance Fund,

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.