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Back in the 80's, Reagan (I'm sick that Reagan was the one to implement this) figured out that the Baby Boomers were about to retire in the 90's & 2000's and that Social Security did not have the funds to supports all these new retiree's.

So a Trust Fund was created, where my generation basically paid double the Social Security with about half going into the Trust Fund.
The money from this Trust Fund was invested in U.S. Treasury Bonds to make some interest on that money.
This Trust Fund would then increase in size until the payment of Social Security to Baby Boomers (& everyone really), exceeded the amount coming into the Trust Fund, which happened around 2011, I believe. When this happened, some of the U.S. Bonds were sold to cover the difference. This happens every month.
The Trust Fund is expected to eventually deplete down to $0, where at this point, Social Security would just work of incoming money to pay the outgoing money.
It was originally estimated that the Trust Fund would be completely depleted by 2042 (I believe), but through COLA's & under estimating the number of retirees, the date was adjusted to lower dates. Last I heard it was 2032?

If we don't shore up Social Security by 2032, then checks going out to retirees would only be about 75% of their total monthly check.
Obviously, the (R)'s are gaslighting for their benefit by claiming that Social Security is going bankrupt because the Trust Fund is almost depleted, but this was expected and SS is not going bankrupt.

The most popular method to shore up Social Security is the use of the Doughnut Hole. Where we would pay into Social Security up to $400,000 of income (Currently I believe it's about $170K), then not pay anything from $400K to $1M, then pay from $1M on up.
This method is trying to protect the middle class and tax the wealthier income earner.
Other Doughnut Hole option is $250K - $500K non-payment or $250K - $1M non-payment.

The only way to get this done, so to vote in (D)'s before 2032, because they are the only party that is willing to protect Social Security.

I'm not an expert, but I do know a lot about how SS works in terms of Trust Funds.