We’ve long heard warnings that the Social Security program that 52 million Americans rely on for their retirement benefits could one day run out of money.

Analysts say that’s not going to happen — if only because older people are such a powerful voting force — but this year the system has hit a worrisome milestone: the Social Security Administration reported that the retirement benefits paid out each month exceeded the tax revenues and interest that fund the program.

That necessitated the first dip into the Social Security Trust Fund in 35 years. By 2034, the agency estimated, it will have depleted those reserves, and its revenues will cover only about four-fifths of its promised benefits.

“There’s a problem, but not a crisis,” said Andrew Eschtruth, a researcher at the Center for Retirement Research at Boston College. “It’s something policymakers have acted on before, and the program has always paid full benefits.”