As we continue to look at how The Senior Citizens Bill of Rights provides seniors with more financial security, we arrive at right number 4. This right ensures that any money deposited into the Social Security Trust Fund is used only for the purposes of paying Social Security beneficiaries and any operating expenses related to the program.

A Closer Look

Specifically, right number 4 reads as follows:

“Money deposited into the Trust Fund can only be used to pay benefits to eligible senior citizens.

None of the money deposited into the Trust Fund can be transferred to the General Fund or be used to pay operating expenses unrelated to the Social Security system. Furthermore, no branch of the Federal government may ‘borrow’ any money from the Trust Fund.”

The first part is pretty straight-forward– the finances put into the Trust Fund are not eligible to be used for anything other than paying beneficiaries. And, as the right continues, it goes further into this explanation.

Why This is Crucial

Previously, the federal government “borrowed” $17.5 billion from the Social Security Trust Funds. That is the equivalent of 11.8 million beneficiary payments if we use the average payment for February 2021 ($1,474.34).

The idea of this continuing can be nerve-wracking for those who rely on their benefit payments; even more so when we remember that the future of the Social Security program is already uncertain.

Additionally, many experts and politicians are debating on the best course of action– this right guarantees that whatever is decided, will not take away from the benefits that so many earned.

Seniors Deserve Financial Security

The Senior Citizens Bill of Rights is desperately needed to ensure the financial security seniors deserve. Help us urge the politicians in Congress to pass this critical piece of legislation.

Together, we can create a better, more financially secure future for all senior citizens.