The future of Social Security remains insecure as the projected date the Social Security Trust Funds will completely deplete continues hurtling closer.

What are the Social Security Trust Funds?

There are two Trust Funds. However, the one most often referred to, and most relevant for many senior citizens, is the Old Age and Survivors Insurance Trust Fund. This trust fund helps ensure that all retirees get their hard-earned benefit payments.

The additional trust fund is the Disability Insurance Trust Fund. This trust fund pays eligible individuals their disability benefits.

Unfortunately, both trusts are on the path to being depleted in a few years. But you may be wondering: Why is this such an issue?

Why the Trouble?

With the constant improvements to medical technology and techniques, the average life expectancy continues to rise. Due to this longer life expectancy, we’re seeing a shift in the worker-to-retiree ratio. And since taxes on workers’ paychecks fund the Social Security program, the Social Security program is seeing a negative cash flow.

Luckily, the program will never completely run out of finances. The program is an intergenerational program. This means that the program will be continuously funded as long as current workers continue to pay their Social Security taxes.

Dangerous Solution Under Consideration

If no changes are made to the current system, benefits will need to be cut. Up to 22% of Social Security benefits could be cut if the trust funds deplete. While we believe this solution would be devastating for many retirees relying on their payments, not everyone feels the same way.

Despite how many senior citizens rely on their benefit payments, this is a solution that some are willing to consider.

How We Can Help

Our bill helps ensure that the Social Security Trust Funds are never tapped into by other areas of the government.

Has this been done before? Yes. According to this article, the government “borrowed” more than $17 billion from the Social Security Trust Funds. Such abuse in power is unacceptable!

This is why The Senior Citizens Bill of Rights includes right number four which dictates that the funds in the Social Security Trusts must be used to “pay benefits to eligible senior citizens.”