Social Security has to be fixed. But you still need your own savings.

Social Security isn’t broke, but it’s badly broken.

There’s enough money currently coming into the retirement program to pay benefit recipients. However, without intervention, it will be like many struggling Americans, unable to pay everyone the full amount due each month.

Each year, the trustees of the Social Security and Medicare trust funds issue reports on the current and projected financial status of the two programs, which are critical for keeping so many seniors above the poverty line. This year’s report, released this week, repeated the long-standing concern about the program’s financial stability: More money will be going out than coming in.

Social Security is financed by payroll taxes. The total cost of the program in 2023 was $1.392 trillion, and total income was $1.351 trillion, according to the trustees’ report.

The Old-Age and Survivors Insurance (OASI) Trust Fund, which pays retirement and survivor benefits, will be able to pay 100 percent of benefits until 2033. After that, the income received is projected to cover only 79 percent of scheduled benefits.

More From The Washington Post (subscription required):