There is a lot of speculation surrounding the future of Social Security. To understand this speculation, we first need to understand the Social Security Trust Funds.

How do the Trust Funds Work?

The Social Security Trust Funds serve two purposes according to ThinkAdvisor: paying beneficiaries their entitled amounts and paying for administrative costs. However, after these are paid, any remaining funds are invested in special-issue Treasury bonds. These bonds are only available for Social Security investments.

Can the Government Take From Them?

The Federal government has taken money from the Social Security Trust Funds before. In fact, they “borrowed” more than $17 billion. The finances “borrowed” would have been enough to pay 11.8 million beneficiary payments (using the average payment for February 2021, which was $1,473.34).

This abuse of power is not fair to the many senior citizens relying on their Social Security benefits each month.

Additionally, when we remember that the future of the Social Security program remains uncertain, any possibility of this happening again can be nerve-wracking—especially for those who rely on their benefit payments.

Our Response

To help prevent this from happening again, Senior Security Alliance is working to pass a groundbreaking bill that will guarantee several rights to senior citizens nationwide. These rights will help all senior citizens receive more financial security.

Included in these rights is right number 4. This right dictates that the money in the Social Security Trust Funds can be used only “to pay benefits to eligible senior citizens.”

Furthermore, these finances cannot be “transferred to the General Fund or be used to pay for any operating expenses unrelated to the Social Security system… no branch of the Federal government may ‘borrow’ any money from the Trust Fund.”

It is well past the time to ensure senior citizens receive the financial security they deserve. Help us take a stand now.