A review from Social Security trustees has given the program until 2034, one year earlier than anticipated, until it runs out of money. 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 over 20% of the federal government’s budget, at $1.5 trillion, in 2024. To understand 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.

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