Social Security kept more than 26 million Americans out of poverty in 2021, making it the nation's most important antipoverty initiative, according to the Census Bureau. But the Social Security program also ran a $56 billion deficit that same year, so the cost of paying benefits far exceeded funding from payroll tax and interest income.

So what? That deficit took a bite out of the Social Security trust fund (i.e., the source of Social Security benefits), and the Board of Trustees says the problem will persist indefinitely unless changes are made to the program. That means the Social Security trust fund balance will shrink each year until the asset reserves are eventually depleted.

Given the complex nature of the variables involved, it's impossible to predict the exact year of insolvency. But the Board of Trustees believes it will occur between 2031 and 2069, with its best guess being 2035. That means lawmakers in Washington may have less than a decade to find a solution.

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Source Fool.com