The Social Security Administration announced in March that the taxpayer-funded trust will run dry by 2033.
According to the annual report released by the Social Security Board of Trustees in March, around 66 million people were receiving monthly Social Security benefits, funded by an estimated 181 million workers who pumped $1,107 billion into the trust fund through their payroll taxes by the end of 2022. However, the money being paid out of the fund is 80 percent higher than the revenues coming in.
