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Money Explainers
  • 23/6/2025
Crisis The clock is ticking for Social Security's future. Learn about the financial challenges facing this vital program.
Billions are being spent, but is it enough? Dive into the numbers behind Social Security.
Discover how a major portion of the federal budget is allocated and why it's facing sustainability issues.
#SocialSecurity. #RetirementSecurity. #USFederalBudget.

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00:00The federal government allocated a staggering $1.5 trillion to Social Security in fiscal year
00:052024, representing 22.4% of the total federal budget. This vital program, managed by the
00:13Social Security Administration, offers crucial financial support to millions of Americans,
00:17from retirees and individuals with disabilities to survivors of lost loved ones.
00:22The vast majority of this spending, 86%, or $1.3 trillion, was dedicated to retirement benefits.
00:30With disability benefits accounting for 11% and other benefits making up 4%.
00:35As of December 2024, Social Security served a massive demographic, nearly 90% of individuals
00:41aged 65 and older were enrolled, totaling 68.5 million people. This included 51.8 million
00:49retired workers and their dependents, 7.2 million disabled workers and their families, and 5.8
00:55million survivors. The SSA projects this number will climb to nearly 69 million monthly
01:01beneficiaries in 2025. In December 2024 alone, the SSA distributed $104.7 billion in retirement
01:10benefits, with an average monthly payout of $1,975. Disability recipients and their dependents
01:17received $11.9 billion, averaging $1,581, while survivors were granted $8.9 billion, averaging $1,546.
01:29It's important to note that beneficiaries do pay taxes on their Social Security income.
01:34But how is this colossal program funded? Social Security relies on the Old Age and Survivors'
01:40Insurance and Disability Insurance Trust funds, which held a combined $2.7 trillion at the close of 2024.
01:47These funds are primarily fueled by payroll taxes paid by U.S. workers and matched by their
01:53employers. Self-employed individuals contribute at twice the rate, covering both employee and employer
01:59portions. In 2024, workers contributed an estimated $1.3 trillion to these trust funds. Additional revenue
02:08came from income taxes on benefits, totaling $55 billion, and $69 billion in interest. The critical
02:16question now looms, is Social Security sustainable? The trust funds have faced a deficit annually from
02:222021 to 2024, a stark contrast to the surpluses seen every year from 1982 to 2020. In 2024, the funds took
02:32in $1.42 trillion but spent $1.48 trillion, leading to a record depletion of $67 billion. Since its peak
02:41in 2020, the overall value of the trust funds has plummeted by $187 billion, or 6.4%. The SSA
02:49alarmingly projects that these vital trust funds could be entirely depleted by 2034, unless Congress
02:55intervenes. This raises urgent questions about the future of a program that millions of Americans
03:01depend on for their financial security. Money Explainers

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