{"id":239255,"date":"2025-05-20T14:52:08","date_gmt":"2025-05-20T18:52:08","guid":{"rendered":""},"modified":"2025-05-20T14:52:10","modified_gmt":"2025-05-20T18:52:10","slug":"what-the-data-says-about-social-security","status":"publish","type":"short-read","link":"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/","title":{"rendered":"What the data says about Social Security"},"content":{"rendered":"\n<figure class=\"wp-block-image size-640-wide\"><img data-dominant-color=\"6b6765\" data-has-transparency=\"false\" style=\"--dominant-color: #6b6765;\" loading=\"lazy\" decoding=\"async\"  srcset=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?resize=480,270 480w, https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?resize=782,440 782w, https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?resize=960,540 960w, https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?resize=1200,675 1200w, https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?resize=1280,720 1280w\" sizes=\"(max-width: 480px) 480px, (max-width: 782px) 782px, 640px\" height=\"360\" width=\"640\" src=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?w=640\" alt=\"A Social Security office in Houston in 2022. (Mark Felix for The Washington Post via Getty Images)\n\" class=\"wp-image-239282 not-transparent\" \/><figcaption class=\"wp-element-caption\">A Social Security office in Houston in 2022. (Mark Felix for The Washington Post via Getty Images)\n<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Few if any programs of the U.S. government touch as many people as directly as Social Security. Nearly every working American pays Social Security taxes, and more than 55 million people receive retirement benefits through the program. Millions more also collect disability benefits or cash assistance through it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Social Security has long been one of the federal government\u2019s most popular programs. In a <a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/politics\/2024\/06\/24\/americans-views-of-government-aid-to-poor-role-in-health-care-and-social-security\/#views-on-the-future-of-social-security\">2024 Pew Research Center survey<\/a>, 79% of U.S. adults said Social Security benefits shouldn\u2019t be reduced in any way \u2013 a view broadly shared across ages, racial and ethnic groups, partisan affiliations and income brackets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But the program, which marks its 90th anniversary this year, faces multiple challenges. Foremost is a looming cash crunch, as the trust fund that helps pay retirement benefits is forecast to <a href=\"https:\/\/www.ssa.gov\/OACT\/TR\/2024\/tr2024.pdf\">run out by the end of 2033<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Trump administration also has made <a href=\"https:\/\/www.washingtonpost.com\/politics\/2025\/04\/04\/social-security-layoffs-trump-musk\/\">deep staff cuts<\/a> to the Social Security Administration (SSA), the independent agency that manages the program. SSA had 58,409 workers as of September 2024 \u2013 <a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/01\/07\/what-the-data-says-about-federal-workers\/#which-federal-departments-and-agencies-employ-the-most-people\">more than several federal departments<\/a>. Those cuts reportedly have left the agency <a href=\"https:\/\/www.npr.org\/2025\/04\/26\/nx-s1-5368480\/social-security-workforce-cuts\">struggling to serve<\/a> millions of claimants and beneficiaries.<\/p>\n\n\n\n<details class=\"wp-block-details is-style-plus-icon has-border-color has-ui-gray-light-border-color has-ui-beige-very-light-background-color has-background has-sans-serif-font-family is-layout-flow wp-container-core-details-is-layout-61b01db2 wp-block-details-is-layout-flow\" style=\"border-width:1px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30);font-size:clamp(0.875em, 0.875rem + ((1vw - 0.2em) * 0.009), 0.88em);\"><summary>How we did this<\/summary>\n<p class=\"wp-block-paragraph\">As Social Security faces multiple challenges \u2013 from an <a href=\"https:\/\/www.prb.org\/resources\/fact-sheet-aging-in-the-united-states\/\">aging population<\/a> to <a href=\"https:\/\/www.npr.org\/2025\/02\/28\/nx-s1-5296986\/trump-worker-cuts-social-security-administration\">staff and budget cuts<\/a> at its parent agency \u2013 Pew Research Center conducted this analysis to learn more about how the nation\u2019s largest safety-net program works.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our main sources were the Social Security Administration\u2019s <a href=\"https:\/\/www.ssa.gov\/finance\/\">financial reports<\/a> for fiscal years 2017 through 2024, the system\u2019s <a href=\"https:\/\/www.ssa.gov\/oact\/TR\/2024\/index.html\">2024 trustees report<\/a>, and the <a href=\"https:\/\/www.ssa.gov\/policy\/docs\/statcomps\/supplement\/index.html\">Annual Statistical Supplement<\/a>. For the most current information, we used the agency\u2019s <a href=\"https:\/\/www.ssa.gov\/policy\/docs\/quickfacts\/stat_snapshot\/index.html?qs\">monthly statistical snapshot<\/a>. Data on characteristics of Social Security and Supplemental Security Income recipients came from the 2022 <a href=\"https:\/\/www.census.gov\/data\/tables\/2022\/demo\/public-assistance\/sipp-receipts.html\">Survey of Income and Program Participation<\/a>, the most recent one available.<\/p>\n<\/details>\n\n\n\n<p class=\"wp-block-paragraph\">Against this backdrop, here are answers to some common questions about Social Security. Most of our responses (except as noted) were drawn from SSA\u2019s 2024 financial report, its monthly update for April 2025 and the latest report from Social Security\u2019s trustees.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#what-is-social-security\">What is Social Security?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#how-is-social-security-funded\">How is Social Security funded?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#how-many-people-receive-social-security-benefits\">How many people receive Social Security benefits?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#how-much-does-social-security-pay-out\">How much does Social Security pay out?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#how-much-do-people-depend-on-social-security\">How much do people depend on Social Security?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#how-are-demographic-trends-affecting-social-security\">How are demographic trends affecting Social Security?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#what-does-an-aging-population-mean-for-social-security-s-finances\">What does an aging population mean for Social Security\u2019s finances?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#how-does-the-social-security-trust-fund-work\">How does the Social Security trust fund work?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#what-s-the-outlook-for-the-social-security-trust-fund\">What\u2019s the outlook for the Social Security trust fund?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#what-happens-after-the-retirement-trust-fund-is-depleted\">What happens after the retirement trust fund is depleted?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/#how-do-americans-feel-about-cutting-social-security-benefits\">How do Americans feel about cutting Social Security benefits?<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"what-is-social-security\">What is Social Security?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Social Security is primarily a source of retirement income. Three-quarters of Social Security recipients are retired workers, and they receive nearly three-quarters of the program\u2019s benefits. But Social Security also pays cash benefits to spouses and children of retired workers; widows, widowers and children of deceased workers; and <a href=\"https:\/\/www.ssa.gov\/disability\">disabled workers<\/a> and their spouses and children.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to running Social Security, the SSA administers the <a href=\"https:\/\/www.ssa.gov\/ssi\">Supplemental Security Income (SSI) program<\/a> for low-income people who are 65 and older, disabled or blind. As of April 2025, more than 7.4 million people got SSI payments; about a third of them also received Social Security.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Several other safety-net programs are authorized by the Social Security Act but aren\u2019t generally thought of as \u201cSocial Security,\u201d nor does SSA run them. These programs include <a href=\"https:\/\/www.medicare.gov\/\">Medicare<\/a>, the federal health insurance program primarilyfor the elderly; <a href=\"https:\/\/www.medicaid.gov\/\">Medicaid<\/a>, the federal\/state health insurance program for low-income people; the <a href=\"https:\/\/www.healthcare.gov\/medicaid-chip\/childrens-health-insurance-program\/\">Children\u2019s Health Insurance Program<\/a> (CHIP); and <a href=\"https:\/\/www.usa.gov\/unemployment-benefits\">unemployment compensation<\/a>. In this analysis, unless otherwise specified, \u201cSocial Security\u201d refers to the social-insurance programs aimed at older Americans, survivors and disabled people.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"how-is-social-security-funded\">How is Social Security funded?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Social Security\u2019s main funding source is a dedicated 12.4% payroll tax, half of which is paid by workers and half by employers. Self-employed people pay the entire tax.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most of that tax revenue \u2013 85.5% \u2013 goes to the retirement and survivors\u2019 program, while 14.5% goes toward disability payments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2023, nearly 183 million workers paid into Social Security. That amounted to roughly <a href=\"https:\/\/www.ssa.gov\/policy\/docs\/briefing-papers\/bp2021-01.html\">93% of the U.S. workforce<\/a>, outside of certain federal, state and local government workers. (Railroad workers have their <a href=\"https:\/\/www.rrb.gov\/\">own retirement system<\/a>, though it is coordinated with Social Security.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">About half of Social Security recipients also pay <a href=\"https:\/\/www.ssa.gov\/pubs\/EN-05-10024.pdf\">income tax on their benefits<\/a>. Most of those tax payments \u2013 $50.7 billion in calendar year 2023, or 3.8% of Social Security\u2019s total revenue \u2013 go back into the system. The rest goes to help fund Medicare.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Social Security also receives interest income from its large holdings of Treasury bonds. All told, the retirement and disability programs took in $1.35 trillion in 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike Social Security, the Supplemental Security Income program is funded through general tax revenues.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"how-many-people-receive-social-security-benefits\">How many people receive Social Security benefits?<\/h4>\n\n\n\n<figure class=\"wp-block-image alignright size-640-wide is-resized\"><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/?attachment_id=239263\"><img data-dominant-color=\"ededec\" data-has-transparency=\"false\" loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"1344\"  sizes=\"(max-width: 480px) 480px, (max-width: 782px) 782px, 640px\" srcset=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_1.png?resize=480,1041 480w, https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_1.png?resize=620,1344 620w\" src=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_1.png?w=620\" alt=\"A table showing who gets Social Security benefits.\" class=\"wp-image-239263 not-transparent\" style=\"--dominant-color: #ededec; width:310px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">As of <a href=\"https:\/\/www.ssa.gov\/policy\/docs\/quickfacts\/stat_snapshot\/\">April 2025<\/a>, 73.9 million people \u2013 more than a fifth of the entire U.S. population \u2013 got benefits from at least one of Social Security\u2019s programs. That included:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>52.6 million retired workers<\/li>\n\n\n\n<li>2.7 million spouses and children of retired workers<\/li>\n\n\n\n<li>5.8 million survivors of deceased workers<\/li>\n\n\n\n<li>7.2 million disabled workers<\/li>\n\n\n\n<li>1.1 million spouses and children of disabled workers<\/li>\n\n\n\n<li>7.4 million receiving Supplemental Security Income<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Some people qualify for more than one type of benefit, which is why these figures add up to more than the total number of beneficiaries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Among older Americans, Social Security comes close to universal coverage. In 2022, 86.9% of people older than 65 received retirement or disability benefits, according to the Census Bureau\u2019s <a href=\"https:\/\/www.census.gov\/data\/tables\/2022\/demo\/public-assistance\/sipp-receipts.html\">Survey of Income and Program Participation<\/a> (SIPP). Among people 75 and older, 92.6% received benefits.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"how-much-does-social-security-pay-out\">How much does Social Security pay out?<\/h4>\n\n\n\n<figure class=\"wp-block-image alignright size-640-wide is-resized\"><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/?attachment_id=239262\"><img data-dominant-color=\"f4f4f4\" data-has-transparency=\"false\" loading=\"lazy\" decoding=\"async\"  srcset=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_4.png?resize=480,471 480w, https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_4.png?resize=782,767 782w, https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_4.png?resize=840,824 840w\" sizes=\"(max-width: 480px) 480px, (max-width: 782px) 782px, 640px\" height=\"628\" width=\"640\" src=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_4.png?w=640\" alt=\"A line chart showing that Social Security benefits rise to keep up with inflation.\" class=\"wp-image-239262 not-transparent\" style=\"--dominant-color: #f4f4f4; width:420px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In April 2025 alone, Social Security\u2019s 73.9 million beneficiaries received $134.5 billion. The average retired worker received $1,999.97 in benefits that month. Each year, benefit amounts are <a href=\"https:\/\/www.ssa.gov\/news\/cola\/\">adjusted for inflation<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fiscal 2023, the most recent full year with data, Social Security paid out $1.38 trillion in benefits \u2013 22.5% of all federal spending that year. SSI paid out an additional $5.3 billion that year.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"how-much-do-people-depend-on-social-security\">How much do people depend on Social Security?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">For many recipients, Social Security benefits represent a sizable chunk of their income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2022, Social Security made up at least half of total personal income for 38.3 million people, or 63.2% of adult recipients, according to the SIPP data. For 26.5 million people (43.6% of recipients), it accounted for three-quarters of their income. For 16.4 million (27%), it was their <em>only<\/em> source of income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of Franklin D. Roosevelt\u2019s <a href=\"https:\/\/www.ssa.gov\/history\/fdrstmts.html#signing\">original goals<\/a> for Social Security was to \u201cgive some measure of protection to the average citizen \u2026 against poverty-ridden old age.\u201d As of 2022, 7.8% of Social Security recipients lived in households with income below the federal poverty threshold, compared with 9.7% of nonrecipients.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The picture is different for SSI, which is aimed specifically at lower-income people: A third of SSI recipients live in households whose income is below the poverty threshold.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"how-are-demographic-trends-affecting-social-security\">How are demographic trends affecting Social Security?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/www.prb.org\/resources\/fact-sheet-aging-in-the-united-states\/\">aging U.S. population<\/a> means that the number of beneficiaries receiving money from the system is growing faster than the number of workers paying into it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From the beginning, Social Security was designed to be a pay-as-you-go system: The taxes paid by today\u2019s workers fund payments to today\u2019s beneficiaries. (It\u2019s not the case that Social Security operates like a savings plan or an individual retirement account, with benefits representing a return on a worker\u2019s personal \u201cinvestment.\u201d) That means a key metric of Social Security\u2019s financial health is the ratio between workers and beneficiaries.<\/p>\n\n\n\n<figure class=\"wp-block-image alignright size-640-wide is-resized\"><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/?attachment_id=239261\"><img data-dominant-color=\"f2f2ef\" data-has-transparency=\"false\" loading=\"lazy\" decoding=\"async\"  srcset=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_2.png?resize=480,501 480w, https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_2.png?resize=782,816 782w, https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_2.png?resize=840,876 840w\" sizes=\"(max-width: 480px) 480px, (max-width: 782px) 782px, 640px\" height=\"667\" width=\"640\" src=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_2.png?w=640\" alt=\"A line chart showing the ratio of covered workers to beneficiaries, actual and projected.\" class=\"wp-image-239261 not-transparent\" style=\"--dominant-color: #f2f2ef; width:420px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The system worked smoothly when there were many workers and relatively few people drawing benefits. In 1965, for example, there were about four times as many workers paying into the system (80.5 million) as beneficiaries (20.2 million).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But as the Baby Boom generation has aged out of the workforce and into retirement, that ratio has steadily fallen. In 2023, the year covered by the most recent trustees\u2019 report, there were just 2.7 workers per beneficiary. By the end of this century, the ratio is projected to decline to 2.1, with 230.7 million workers and 110.4 million people collecting benefits.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"what-does-an-aging-population-mean-for-social-security-s-finances\">What does an aging population mean for Social Security\u2019s finances?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The gap between tax dollars flowing into the system and benefits flowing out is getting wider.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The main issue is with Social Security\u2019s retirement program, whose costs have exceeded its income every year since 2021. The gap, which was $70.4 billion in 2023, is projected to balloon to $414.5 billion in 2033. To pay its promised benefits, the retirement program has begun cashing in the massive stash of U.S. Treasury securities accumulated in a trust fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike its retirement program, Social Security\u2019s disability insurance program is projected to remain solvent going forward, while SSI, as mentioned above, is funded from general tax revenues.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"how-does-the-social-security-trust-fund-work\">How does the Social Security trust fund work?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Concern about Social Security\u2019s viability goes back a long way, especially since the Boomers began shifting from contributors to recipients. A package of major changes enacted in 1983 not only stabilized the system in the short run, but also established a mechanism that was meant to keep it functioning once Baby Boomers started to retire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Through a combination of tax increases, benefit cuts and rules changes, Social Security began taking in much more money than it needed to pay benefits. This surplus was invested in special-issue Treasury securities, held in two legally distinct trust funds \u2013 one for the retirement program and one for the disability program. Interest on the Treasuries is credited to the trust funds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The retirement trust fund peaked at $2.82 trillion in 2017. Since 2021, Social Security has been redeeming its Treasuries and using the proceeds to bridge the gap between its revenues and its mandated benefits.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"what-s-the-outlook-for-the-social-security-trust-fund\">What\u2019s the outlook for the Social Security trust fund?<\/h4>\n\n\n\n<figure class=\"wp-block-image alignright size-640-wide is-resized\"><a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/?attachment_id=239264\"><img data-dominant-color=\"efefed\" data-has-transparency=\"false\" loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"1474\"  sizes=\"(max-width: 480px) 480px, (max-width: 782px) 782px, 640px\" srcset=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_3.png?resize=480,1141 480w, https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_3.png?resize=620,1474 620w\" src=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_3.png?w=620\" alt=\"Two line charts showing that the Social Security's retirement trust fund has begun to dwindle, but the disability-insurance fund\nappears on solid ground.\" class=\"wp-image-239264 not-transparent\" style=\"--dominant-color: #efefed; width:310px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">At the end of fiscal 2024, the retirement trust fund was down to about $2.5 trillion. The fund is projected to dwindle over the next several years, but just how quickly depends on the interplay of several economic, demographic and programmatic factors \u2013 from fertility and mortality rates to immigration levels and future wage growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the most optimistic scenario, the retirement trust fund would still have nearly $1.3 trillion at the end of 2033. In the most pessimistic one, it will be depleted as soon as 2031. The \u201cintermediate,\u201d or most probable, forecast has the retirement fund running dry sometime in 2033.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Social Security\u2019s trustees predict that the disability trust fund, which stood at $147 billion at the end of 2023, will keep growing into the foreseeable future.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"what-happens-after-the-retirement-trust-fund-is-depleted\">What happens after the retirement trust fund is depleted?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">That depends. With no more trust fund resources to draw on \u2013 and absent any legislative changes \u2013 Social Security would still collect enough tax revenues to pay about 79% of full retirement benefits, under the trustees\u2019 most likely scenario.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Changing the program\u2019s rules could restore its solvency and allow it to pay all of its promised benefits. Those changes could include raising tax rates, subjecting more earnings to the payroll tax, raising the retirement age, reducing benefit levels, or altering how annual cost-of-living raises are calculated.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"how-do-americans-feel-about-cutting-social-security-benefits\">How do Americans feel about cutting Social Security benefits?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Most don\u2019t like it. In a <a href=\"https:\/\/beta.pewresearch.org\/pewresearch-org\/politics\/2024\/06\/24\/americans-views-of-government-aid-to-poor-role-in-health-care-and-social-security\/#views-on-the-future-of-social-security\">2024 Pew Research Center survey<\/a>, about eight-in-ten U.S. adults opposed the idea. That included 38% who said the program should be kept about as it is and 40% who said it should cover <em>more <\/em>people with <em>greater<\/em> benefits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Upper-income people were most likely to say future benefit reductions need to be considered. Still, only 27% of upper-income Americans said this.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most U.S. adults said Social Security benefits shouldn\u2019t be reduced in any way \u2013 a view broadly shared across ages, racial and ethnic groups, partisan affiliations and income brackets.<\/p>\n","protected":false},"author":658,"featured_media":239282,"comment_status":"closed","ping_status":"closed","template":"","meta":{"sub_headline":"","sub_title":"","_prc_public_revisions":[],"_ppp_expiration_hours":0,"_ppp_enabled":false,"ai_generated_summary":"","apple_news_api_created_at":"2025-05-20T18:52:28Z","apple_news_api_id":"ff9665a2-8800-452b-9f45-fed63338fe7c","apple_news_api_modified_at":"2025-05-20T18:52:28Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/A_5ZloogARSufRf7WMzj-fA","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":false,"apple_news_is_paid":"","apple_news_is_preview":false,"apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"apple_news_api_pending":"","relatedPosts":[],"datacite_doi":"","datacite_doi_citation":"","_prc_seo_qr_attachment_id":0,"spoken_article_player_enabled":true,"displayBylines":true,"footnotes":"","prc_watchers":[],"_prc_fork_parent":0,"_prc_fork_status":"","_prc_active_fork":0},"categories":[80,427,249,207,237,253,114],"bylines":[842],"collection":[],"datasets":[],"_post_visibility":[],"formats":[467],"_fund_pool":[],"languages":[],"regions-countries":[515],"research-teams":[],"workflow-status":[],"class_list":["post-239255","short-read","type-short-read","status-publish","has-post-thumbnail","hentry","category-federal-government","category-government-spending-deficit-2","category-government-spending-the-deficit-1","category-older-adults-aging","category-personal-finances","category-retirement","category-social-security-medicare","bylines-drew-desilver","formats-short-read","regions-countries-united-states"],"label":"Short Read","post_parent":0,"word_count":1879,"canonical_url":"https:\/\/beta.pewresearch.org\/pewresearch-org\/short-reads\/2025\/05\/20\/what-the-data-says-about-social-security\/","art_direction":{"A2":{"id":239282,"rawUrl":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg","url":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?w=268&h=151&crop=1","width":268,"height":151,"caption":"A Social Security office in Houston in 2022. (Mark Felix for The Washington Post via Getty Images)\n","chartArt":false},"XL":{"id":239282,"rawUrl":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg","url":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?w=720&h=405&crop=1","width":720,"height":405,"caption":"A Social Security office in Houston in 2022. (Mark Felix for The Washington Post via Getty Images)\n","chartArt":false},"A3":{"id":239282,"rawUrl":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg","url":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?w=194&h=110&crop=1","width":194,"height":110,"caption":"A Social Security office in Houston in 2022. (Mark Felix for The Washington Post via Getty Images)\n","chartArt":false},"A4":{"id":239282,"rawUrl":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg","url":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?w=268&h=151&crop=1","width":268,"height":151,"caption":"A Social Security office in Houston in 2022. (Mark Felix for The Washington Post via Getty Images)\n","chartArt":false},"A1":{"id":239282,"rawUrl":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg","url":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?w=564&h=317&crop=1","width":564,"height":317,"caption":"A Social Security office in Houston in 2022. (Mark Felix for The Washington Post via Getty Images)\n","chartArt":false},"social":{"id":239282,"rawUrl":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg","url":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2025\/05\/SR_25.05.09_SS_recipients_featured.jpg?w=1200&h=628&crop=1","width":1200,"height":628,"caption":"A Social Security office in Houston in 2022. (Mark Felix for The Washington Post via Getty Images)\n","chartArt":false}},"_embeds":[],"watchers":[],"table_of_contents":[],"datacite_doi":"","prc_seo_data":{"title":"What the data says about Social Security","description":"Most U.S. adults said Social Security benefits shouldn\u2019t be reduced in any way \u2013 a view broadly shared across ages, racial and ethnic groups, partisan affiliations and income brackets.","og_title":"What the data says about Social Security","og_description":"Most U.S. adults said Social Security benefits shouldn\u2019t be reduced in any way \u2013 a view broadly shared across ages, racial and ethnic groups, partisan affiliations and income brackets.","schema_type":"Article","noindex":false,"canonical_url":"","primary_terms":{"category":114,"formats":467,"regions-countries":515},"custom_schema":[],"og_image":239282,"indexnow_submitted_at":null,"gsc_index_status":null},"prepublish_checks":{},"apple_news_notices":[],"jetpack_sharing_enabled":true,"relatedPostsOrdered":[],"bylinesOrdered":[{"key":"_hxb0cpef5","termId":842}],"acknowledgementsOrdered":[],"_links":{"self":[{"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/short-read\/239255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/short-read"}],"about":[{"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/types\/short-read"}],"author":[{"embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/users\/658"}],"replies":[{"embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/comments?post=239255"}],"version-history":[{"count":12,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/short-read\/239255\/revisions"}],"predecessor-version":[{"id":239308,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/short-read\/239255\/revisions\/239308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/media\/239282"}],"wp:attachment":[{"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/media?parent=239255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/categories?post=239255"},{"taxonomy":"bylines","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/bylines?post=239255"},{"taxonomy":"collection","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/collection?post=239255"},{"taxonomy":"datasets","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/datasets?post=239255"},{"taxonomy":"_post_visibility","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/_post_visibility?post=239255"},{"taxonomy":"formats","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/formats?post=239255"},{"taxonomy":"_fund_pool","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/_fund_pool?post=239255"},{"taxonomy":"languages","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/languages?post=239255"},{"taxonomy":"regions-countries","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/regions-countries?post=239255"},{"taxonomy":"research-teams","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/research-teams?post=239255"},{"taxonomy":"workflow-status","embeddable":true,"href":"https:\/\/beta.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/workflow-status?post=239255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}