Social Security trust funds are expected to be unable to pay full benefits by 2035

Social Security funding is mandated by law, not budgeted each year by Congress

Unless Congress acts before the Social Security trust fund becomes depleted in 2034, its current revenues would cover 81% of Social Security benefits. However, that share would decline to 72% by 2099.

Social Security’s financial operations are handled through two federal trust funds

One is called the Old-Age and Survivors Insurance trust fund, and the other is called the Disability Insurance trust fund. Combined, these two trust funds were valued at roughly $2.7T as of the end of 2024.

Social Security’s financial operations are handled through two federal trust funds

One is called the Old-Age and Survivors Insurance trust fund, and the other is called the Disability Insurance trust fund. Combined, these two trust funds were valued at roughly $2.7T as of the end of 2024.

The 2025 Social Security Trustees Reports reaffirmed that beneficiaries will be paid 100% of total scheduled benefits until 2033

Specifically, it noted that the Old-Age and Survivors Insurance Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, which was unchanged from the previous year’s report.

Social Security's model assumes more people are paying than receiving, but that's no longer true

As more Baby Boomers start collecting Social Security for more years than the system anticipated—and, simultaneously, birth rates trend down—the Social Security system is feeling the squeeze. When fewer workers pay into Social Security, there's less money overall for retirees to collect. Learn more about what's next for Social Security in this video.

The maximum Social Security benefit is $5,181 per month as of 2026

A worker who has earned at or above the Social Security taxable maximum for at least 35 years and delays claiming until 70 can receive up to $5,181 in monthly benefits. Delaying claiming Social Security until 70 (rather than 62, the earliest age one can receive benefits) results in a higher monthly benefit.

Roughly 70.5 million Americans were enrolled in Social Security benefits as of December 2025.

Roughly 22% of US tax dollars go to Social Security

Social security is the US government’s largest expense. You can see other government expenses in a visual breakdown of what one US tax dollar actually pays for. Total spending amounts were converted to cents on the dollar and percentages.

The US government is legally allowed to borrow money from the Social Security Trust Fund surpluses as long as it issues Treasury bonds to the Trust Fund in return and repays those bonds with interest when Social Security needs the money to pay benefits.

Does Social Security contribute to the national debt?

Social Security operates through a trust fund built from payroll taxes. When costs outpace revenue, as they have since 2021, the program redeems Treasury bonds to cover the gap. To repay these bonds, the government often borrows more money, indirectly adding to the national debt and impacting fiscal policy.

The Social Security Administration (SSA) accounted for 22.4% of all federal spending in 2024

The SSA is an independent executive branch agency that is primarily responsible for administering Social Security benefits. In fiscal year 2024, The SSA, ranking second among federal agencies in terms of total spending, behind only the Department of Health and Human Services.

Estimate your Social Security benefits

To calculate your Social Security benefit, the government uses information such as your birthday, current earnings, future retirement date, and more. Calculate an estimation for your future Social Security monthly benefit here.

Before Social Security, elderly Americans relied on family support, limited state pensions, or company-sponsored pensions

Before Social Security benefits were available to American retirees, they had to find other ways to get by. Pensions were only available to roughly 15% of workers, and most elderly Americans went without meaningful economic security.

A rising number of Social Security beneficiaries are taxed on their Social Security income

That’s because while Social Security benefits increase with wages and inflation, the income limits for taxing those benefits stay the same and don’t adjust over time.

Social Security is one of the most popular government programs

In a recent Pew Research Center survey of US adults, 79% said Social Security benefits shouldn’t be reduced in any way. This view is broadly shared across ages, races, political affiliations, and income brackets.

Social Security supports retirees, the disabled, and survivors

The Social Security Administration is responsible for more than just retirement benefits. Outside of the more well-known use case of retirement benefits, the SSA is also responsible for disability, family, and survivor benefits, supplemental security income, and more.

Workers need 40 ‘credits’ to qualify for Social Security retirement benefits

Forty credits are equal to about 10 years of full-time work. If someone has never worked, they won’t be eligible for benefits on their own, but they could qualify via a spouse, ex-spouse, or dependent.

Use this calculator to find out the programs and services your federal income taxes fund.

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Calculate your Social Security full retirement age

The year you were born determines when you become eligible for your Social Security full retirement age benefit. Spoiler alert, that age is no longer always 65. If you want to use this calculator to determine your full retirement age—and learn more about the drawbacks of claiming Social Security early—click here.

The average American contributed nearly $6,000 to a 401(k) retirement account in 2023.

Some politicians have argued that Social Security should be privatized

Specifically, some assert that diverting funds into self-directed retirement accounts should replace Social Security taxes and benefits to some extent in a privatized retirement savings system. This article details the pros and cons of privatizing Social Security.

Consumers reported losing more than $126M to Social Security scams in 2023

This article includes tips on how to spot a Social Security scam, including information about what the real Social Security Administration will and will not do. For instance, the Social Security Administration will never threaten someone with benefits suspension or bank account seizure if they do not comply with a request.

Social Security beneficiaries have received cost-of-living adjustments almost every year since 1975

Until 1975, Congress had to act each time Social Security benefits were increased. The 1970s saw particularly high inflation rates that eroded the purchasing power benefits, leading to the change.

Debunk common myths about Social Security

Myths include the pervasive ideas that undocumented immigrants drain Social Security, members of Congress don't pay into Social Security, the program itself is “going broke,” and more.

Nearly 70% of the US government’s debt is domestic

This includes intragovernmental holdings like the Social Security Trust Fund and investments from US citizens, banks, and mutual funds. About 30% is foreign-held, with countries like Japan and China as major creditors, investing in US Treasury securities due to their perceived safety.

Americans ages 30 to 34 have $44,800 in their 401(k) accounts on average

Americans ages 28 to 44 save about 13.5% of their pretax income on average, which is close to the recommended retirement savings rate of 15%.

Unemployment benefits are calculated as a percentage of a worker's average weekly wages over a recent base period.

The Depression-era Social Security program assigned every US citizen an account number

Many of the Social Security functions we know today are the result of multiple amendments to the Social Security Act that have been passed in the years since the act’s initial creation in 1935. As Social Security as we know it today was being conceptualized, Democrats opted to make it an insurance program rather than a welfare one to assuage Republicans.

In 2019, Congress passed the Secure Act to reform key aspects of the US tax code

Key Secure Act provisions included raising the age at which mandatory distributions take effect (to increase saving), allowing larger catch-up contributions for older individuals, and allowing employers to directly match contributions in a Roth 401(k).

The 1935 Social Security Act drew inspiration from European social insurance models

Many of these, such as German Chancellor Otto von Bismarck's 1889 retirement system, emerged decades before America adopted them. This article dives into the modern history of economic security and the key legislation that created Social Security.

About 98% of companies offering employees a 401(k) plan match employee contributions

Broadly speaking, an employer 401(k) match means that if you invest money into your 401(k), your employer will put cash in, too. But these programs are often fairly nuanced.

Charting where federal revenue comes from

About 50 percent of federal revenue comes from individual income taxes, 7 percent from corporate income taxes, and another 36 percent from payroll taxes that fund social insurance programs. See breakdown in charts here.

The Social Security System was created to protect Americans from economic disasters like the Great Depression

President Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression.

The Social Security Act was formed to protect retired workers amid the Great Depression

President Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression, including the Social Security Act.

3 types of people who should claim Social Security at 62

Popular wisdom suggests people should wait as long as possible to claim their Social Security benefits. This article argues there are three types of people who would benefit from claiming sooner rather than later—such as people with short life expectancies. To see the other two groups of people who might want to claim as soon as possible, read the article here.

The average gig worker likely doesn’t have an employer-sponsored retirement plan

But just like full-time 9 to 5 office workers, gig workers can still save for retirement. An article outlines strategies for gig workers seeking to save for retirement, including different ways to think about what the money from each “gig” should go toward.

Americans think they need $1.46M to retire comfortably in 2026.

US pension plan adoption has declined from 1975 to 2021

Pension plans are a form of guaranteed retirement plan for long-time workers, and they were a major part of industries in the mid-20th century. With the rise of the 401(k) and similar tax-advantaged, defined-contribution accounts, these so-called defined-benefit plans have declined in use by employers. Compare US adoption of both kinds in this table.

Only half of American workers have retirement accounts, like 401(k) plans, through their current jobs.

The 401(k) is limited in its ability to provide guaranteed retirement income

Part of the problem is the high, often hidden fees associated with the accounts and a lack of access. Plus, analysts say the annual cost in tax revenue to the government is more than $100B.

State governments have public pensions for their employees

In many US states, these pensions are set aside for teachers, firefighters, and/or other state government workers. However, many of these pensions are currently underfunded. This map provides a visual representation of how strong each US states’ public pensions are.

Retirement expectations versus reality

There's a big gap between what many Americans expect to happen during retirement and what actually happens—at least according to one financial planner. In this article, the financial planner in question explores how retirement expectations can differ from reality, exploring financial considerations such as how long people expect to work part-time during retirement, and more. Read the article here.

In 2025, the US national debt per person was $113K.

See a poster that was created to help publicize the Social Security Act.

Visualize America's retirement savings by age, with the median retirement savings for Americans being $87K as of May 2024.

Roughly 70 million Americans have 401(k) plans

Ted Benna, a rural benefits consultant, proposed a reinterpretation of a small tweak to the Internal Revenue Code in 1980. This led to a fundamental transformation of how American workers plan for retirement.

The average retirement age by country, visualized

In the US, the average retirement age was 64 as of 2020. The Organization for Economic Co-operation and Development projects a two-year increase in the average retirement age by the mid-2060s.

Tipped workers in ‘$2.13 states’ experience an estimated 18.5% poverty rates

In so-called “equal treatment states,” where tipped workers are subject to the normal federal minimum wage or higher rather than the tipped minimum wage, the poverty rate is 11.1%.

Average retirement savings by state

Connecticut residents have the highest average retirement savings per person at $634K, according to data from the retirement plan provider Empower. On average across all states, Americans have saved $498K for retirement. This graphic shows the top ten states with the highest average retirement savings per person. See who came in second to Connecticut here.

401(k) plans had an average of $112K as of 2023

The median, however, is much lower at around $27K. The average balance of a 401(k) in the US differs across different age groups and income levels.