Social Security will not be able to fully pay monthly benefits to tens of millions of retirees and people with disabilities in 2034 if lawmakers don’t act to address the program’s pending shortfall, according to an annual report released Wednesday by Social Security’s trustees.

Some Social Security recipients will begin receiving reduced monthly payments starting in late July, as the Social Security Administration implements new overpayment recovery policies. The SSA announced in April that it would begin withholding 50 percent of benefit payments from recipients who have been overpaid,