The Social Security system has been deluged by unemployed Baby Boomers–many of whom would still be working in better times–who are signing up for retirement benefits at a record clip. Social Security applications are up 23 percent this year, and disability applications up 20 percent. As a result, the system projects deficits of $10 billion in 2010 and $9 billion in 2011.

Not to worry, however, if you’re a recipient, or thinking of becoming one soon. The Social Security fund has built up a $2.5 trillion reserve, which is expected to last until 2037.

Nearly 2.2 million people applied for Social Security retirement benefits from start of the budget year in October through July, compared with just under 1.8 million in the same period last year.

The increase in early retirements is hurting Social Security’s short-term finances, already strained from the loss of 6.9 million U.S. jobs. Social Security is funded through payroll taxes, which are down because of so many lost jobs.