According to CoinMeta, social security analysis for CRFB indicates that retirees in this decade are expected to receive more in social security benefits than they have paid in taxes. However, in the event of bankruptcy, a 22% reduction in benefits could occur in 2032. The analysis shows that people born in the 1960s are expected to receive lifetime benefits equivalent to about 133% of the payroll taxes they and their employers have paid. For median-earning workers retiring in 2027, CRFB estimates their lifetime scheduled benefits to be around $730,000, while the total payroll taxes they have paid are less than $200,000. Social security is primarily a pay-as-you-go insurance program, where today's workers' payroll taxes are used to fund the benefits of current retirees, rather than being deposited into individual investment accounts. CRFB also estimates that one-fifth of retirees with the lowest incomes will receive scheduled benefits equivalent to about 266% of the taxes they have paid.