Currently, there are numerous financial questions circulating the government in hopes of correcting what could be a serious problem. According to an article posted by AS, lawmakers need to address the debt ceiling to avoid going into default.

What Could Happen?

If nothing is done, and the debt ceiling is met, the government will go into default. Once that happens, the Treasury won’t be able to make payments to a variety of programs, including Social Security. This would force the Treasury to start prioritizing programs, leaving the payments many seniors rely on uncertain.

There remains uncertainty about how Social Security benefit payments would be affected; however, there are a few scenarios on the table to help combat any lack of funds. One scenario presented includes using finances from the Social Security Trust Funds—a solution that could cause more damage to the depleting funds.

How This Could Affect Seniors

Treasury Secretary Janet Yellen previously explained this could cause nearly 50 million senior citizens to see delays to their Social Security payments.

This is a devastating thought for the many seniors who rely on their benefit payments for a large portion of their monthly income. In fact, according to this article, around 40% of Social Security beneficiaries rely on their payments for at least 90% of their income.

To worsen the blow, inflation is continuing to rise, causing more seniors to stress over finances. This stress comes from a fixed income that does not allow for the flexible spending that inflation demands.

Seniors Deserve More Financial Security

Senior citizens deserve to have more financial security; forcing them to worry about whether or not they are going to receive their Social Security payment is not fair. That is why Senior Security Alliance working to pass The Senior Citizens Bill of Rights.

This bill ensures senior citizens have more financial security. Join us in urging the politicians in Congress to pass our much-needed bill now.