Social Security: What you need to know and how long it will last

Social Security has been given a brief respite as a recent trustees report signaled the fund wouldn’t run out until 2035, a year later than had been predicted. But for the millions of people dependent on the monthly payments and counting on them as they look ahead to retirement, empty coffers will mean smaller, or even no, checks in their twilight years.

Payments for Social Security made up almost a quarter of the federal government’s budget, at $1.4 trillion, in 2023. To understand better what is taking up so many resources and causing so many political headaches for policymakers and politicians in Washington, here are the basics of what to know about the incredibly popular and expensive entitlement program.

What is Social Security?

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