Financed with payroll taxes collected from workers and employers, Social Security and Medicare account for about 40 percent of government spending, excluding interest on the federal debt.
Medicare's hospital insurance fund, meanwhile, will become insolvent by 2026, or three years sooner than projected last year.
The trustees report is considered an annual wake-up call for the beleaguered programs, though consensus around ways to secure their future remains elusive.
Medicare, the program that provides health care for older Americans and those who are disabled, is covered by two big trust funds.
In addition to demonstrating that "there is sufficient revenue to pay for all benefits until 2034" even if Congress does nothing, Social Security Works president Nancy Altman said the Trustees' report clearly demonstrates that an ambitious expansion of Social Security benefits is also both affordable and desirable.
Congress has punted on the issue of shoring up the solvency for both entitlement programs for years. For Medicare, it could mean that hospitals, nursing homes and other providers of medical care would be paid only part of their agreed-upon fees.
Medicare is widely seen as a more hard problem that goes beyond the growing number of baby boomers retiring.
Medical costs have long outpaced economic growth, and despite some slowdowns in cost over the past few years, that has not changed.
The Cabinet secretaries for Treasury, Health and Human Services, and Labor usually participate in the annual release of the report on Social Security and Medicare, along with the Social Security commissioner, and take questions from reporters. None of those top officials was present today; an aide cited scheduling conflicts.
Indeed, the trustees of Social Security and Medicare forecast the program's reserves will be depleted by 2034, at which point it won't be able to pay full benefits on a timely basis. The public trustee posts are now unfilled.
President Trump pledged during the 2016 campaign to leave Social Security and Medicare benefits untouched, putting him on a crash course with Republicans on Capitol Hill who have said they wanted to tackle the programs' problems by limiting future benefit increases.
The Congressional Budget Office said in April that federal deficits and debt would soar in the coming decade, following passage of the tax overhaul and legislation to increase military and domestic spending.
Higher deficits mean less maneuvering room for policymakers when the day of reckoning finally arrives for Social Security and Medicare. The report said that if the funds are depleted, the program could pay about three-quarters of benefits. Their formula is likely to involve tax increases to help keep the programs solvent.