It's so much worse than that, sadly.
When Social Security was founded in 1935, the full retirement age was 65, and life expectency at birth was 60. Immigration was, though not at record levels, high. As a result, there were ~147 working people paying into Social Security for every beneficiary.
These days, full retirement age is 67, but life expectancy at birth is now 76.1 (was 78.8 in 2019 - the rapid decline is a completely separate issue that deserves it's own thread). Net immigration into the US is at record lows. As a result, there are now fewer than 3 people paying into Social Security for every recipient, about 2.6 last time I ran the numbers.
The average (mean) check for SS recipients (OASI) as of Feb 2023 is $1,693.88. I could not find numbers for the median SS check.
The average individual income in the US as of 2020 is $53,383, while the 2020 median income was $34,612.
Of FICA taxes, 6.2% each from the employer and employee goes to Social Security, the other 1.45% each is earmarked for Medicare. This does NOT include ordinary federal income taxes, state income taxes, county or city income taxes, etc.
So there is an effective tax rate of 12.4% feeding Social Security. It virtually all goes to OASI (Old Age Survivorship Insurance - "retirement" Social Security, distinct from DI, Disability Insurance, which costs a teeny tiny fraction of what OASI costs).
12.4% of the mean individual annual income of $53,383, divided by 12 to get a monthly value, gives us $551.62/month in Social Security funding from the mean income.
12.4% of the median individual annual income of $34,612, divided by 12 to get a monthly value, gives us $357.65/month in Social Security funding from the mean income.
So right now, there is about:
2.6 × [$357.65 to $551.62] roughly responsible for funding $1,693.88 per person. Now multiply that deficit by 67 million, the number of people receiving OASI. No prize for spotting the problem here.
Raising taxes probably won't help as much as proponents think it will, especially if you were to only raise them on the "rich" by raising or removing the FICA cap. Individually, it would be a lot more from those wealthy folks in theory, but the mega-rich of the world don't receive ordinary income the way us mere mortals do, and thanks to the 6,000+ page tax code, they often end up paying far less than we do as an effective tax rate on their income.
I see two solutions: scrap the absurdly complex tax code so the wealthy actually pay what they should be paying according to progressive tax rates to buy some time, and use that time to start figuring out how to solve the massive logistical complexity problems of spinning down the largest mathmatically unsustainable pyramid scheme in the history of all of humanity, the OASI component of Social Security. Mathematically, there is no need to disturb the Disability Insurance component of Social Security, which also helps those who have a far greater legitimate need for supplemental income than people who want to retire on the taxpayer's dime.