Editor’s Note: After a long career in the data processing industry, Russell Gloor joined the Association of Mature American Citizens in 2013. Gloor received training from the National Social Security Association and was accredited by the NSSA® as a Social Security adviser in 2016. Currently part of the AMAC Foundation’s Social Security Advisory team, he annually counsels thousands of American seniors about their Social Security options. In addition to answering Social Security questions daily, he also authors the AMAC Foundation’s nationally syndicated weekly “Ask Rusty” advice column and has written three Social Security instructional books about Social Security.

Dear Rusty:

When will the funds stolen from the Social Security Fund be replaced? They used Social Security when the government ran out of money and used it for illegals. I think the funds should be replaced except for legitimate payments to Social Security recipients. This money was never meant to be used by the federal government to pay their bills. Signed: Concerned Senior

Dear Concerned Senior:

I must tell you that no funds have ever been “stolen” from the Social Security Administration (despite the persistent myth). All money received by Social Security (from payroll taxes, interest on investments and income tax on Social Security benefits) is - and always has been - immediately converted to special issue government bonds (investments) which are held in the Social Security Trust Funds, and which pay interest (at the current federal bond rate). Those bond investments held in reserve have been, and are, used only to pay benefits to those who have earned them by contributing to Social Security via payroll taxes for at least 10 years (40 quarters). Only U.S. citizens and legal residents can get Social Security benefits (illegal aliens cannot receive Social Security benefits).

For information, repayment of the special issue bonds held in Social Security reserves occurs every day, because incoming revenue has been insufficient to pay all Social Security benefit costs for several years now, which means that the bonds must be redeemed regularly so full benefits can be paid to all Social Security recipients who have earned them. There were about $2.8 trillion in Social Security reserves as of the end of 2023, but that balance is steadily decreasing (due to being redeemed to pay full benefits). As of the last report by the trustees of Social Security, the reserves will be depleted in about 2033, unless Congress passes reform legislation to restore Social Security to full solvency.

For your information, the Association of Mature American Citizens is working hard to prevent depletion of the trust fund, suggesting to Congress a way to reform the program so future generations can fully benefit from it, with AMAC’s Social Security Guarantee proposal (visit https://amac.us/social-security-guarantee/ to view the proposal). AMAC is constantly working to prevent depletion of the Social Security Trust Funds, which would result in an across-the-board cut in everyone’s benefit by about 23%. AMAC works every day in Washington D.C. to ensure Social Security is here for many generations.

This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association. NSSA® and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit their website (amacfoundation.org/programs/social-security-advisory) or email ssadvisor@amacfoundation.org.