While Social Security won't deplete its funds, your benefits may not match your expectations.

The safety net of Social Security has impacted either you or someone you know, offering financial support to retired, disabled, and their dependent beneficiaries.

As you work, a portion of your salary is allocated towards Social Security, which becomes a significant source of income during retirement.

According to Kathleen Romig, director of Social Security and disability policy at the Center on Budget and Policy Priorities, it is the largest single source of income for American retirees.

"Social Security keeps the poverty rate of older Americans at 10% instead of the projected 38% without it," she stated.

In 2023, over 70 million Americans will receive a Social Security benefit monthly, totaling more than $1 trillion in annual benefits. This benefit is particularly important for the 22 million Americans it helps keep out of poverty, including nearly 15 million seniors and one million children.

The future of Social Security, while vital to many Americans, raises some concerns.

In its annual report, the Social Security Board of Trustees projected that the combined asset reserves of the Social Security trust funds will be depleted one year earlier than previously predicted, in 2034. At that time, it is estimated that 80% of benefits will still be payable.

The solvency of Social Security is not only about federal accounting, but also about safeguarding Americans who rely on the program the most, according to Andrew Biggs, senior fellow at the American Enterprise Institute.

No, Social Security will not run out, but we made a video about it anyway.

Lorie Konish, a CNBC personal finance reporter, stated that Social Security solvency has been a topic of discussion on a national level before, and the good news is that it has been fixed.

Watch the video above to learn more.