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Would Social Security checks for retirees stop if the Goverment shuts down?
My mother got her first Social Security check and she is semi-retired after 46 1/2 years of working various jobs. I'm wondering if those checks stop during a goverment shudown. My mother said it won't
is that true?
15 Answers
- Anonymous1 decade agoFavorite Answer
The government has shut down or almost shut down in the past and checks still went out. Not to worry. By the way, the shut downs usually last half a day or one day.
- gosam777Lv 71 decade ago
Relax. The government has shut down many times in the past. It shut down several times under the Reagan and Clinton administration. Heck the government shuts down when there's a snowstorm in Washington. The media just sensationalizes it for ratings.
All it would mean is some non emergency federal workers would have to take a few days off work without pay, and Congress could not pass any NEW appropriations bills. Also might cause processing paperwork to take a day or two longer. Benefits are automated and would not be affected
Social Security surpluses are held in a trust fund called GAS (Government Account Series) Treasury securities. Benefits are paid out of FICA payroll taxes as they are collected. It is totally separate from the general taxpayer fund.
The U.S. borrows money from other governments and private investors by selling them public Treasury securities. They get the money at very, very low interest. It is based on faith and trust by investors the government will pay them back.
Any hint the government will not pay it's obligations like Social Security, would send those investors into a panic and the dollar would collapse. The U.S. government knows that
- Anonymous1 decade ago
Go Sam 777 & Common Carp are incorrect when they report that SS is in a separate account; it was until LBJ stole our money and put it into the general fund to pay for the Vietnam War. Every president since then has left it in the general fund. The U.S. government won't separate the money and re-pay the fund because the government owes us over $2 Trillion, and the deficit would have to be increased by that amount. By the same token, the government owes medicare almost a trillion, but continues, via Obama, to steal more to pay for Obamacare. There are IOU's in a bank in KY (?) for the money,.so who knows what will happen if the government shuts down?
I hope we continue to receive our checks, but I wouldn't count on it.........
- 8 years ago
At this time in 2013, all money is automatically deposited into your bank account or put on a debit card. They no longer send out checks, so the question really is whether the seniors will get paid. Most sources say they will but if the shutdown goes as long as November 1, the payments could be delayed as much as two weeks. I read several articles but this is one of my sources.
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- 1 decade ago
Yes you will be paid since Social Security benefits would remain largely unaffected as they are held in a separate trust fund called GAS (Government Account Series) which is funded by FICA payroll taxes. Social security administration employees and new applicants will likely be more impacted than current recipients.
- ?Lv 71 decade ago
In Britain our Social Securities are paid out by the DHSS which is part of the Civil S Service,which carries on even if we do not have a government
- Anonymous1 decade ago
In past government shut downs, the checks still were sent out when due.
Even those that do not report to work, still get paid the same amount as if working, just like an extended vacation. They are on a yearly salary so the pays the same.
Oops, I just read where of they furlough the workers, we just may be late getting any more checks, so we may be screwed again by our government.
Here:
- Anonymous1 decade ago
No. Social Security is a separate fund. It is not effected by the daily operations of the federal government. Baby Boomers will get their money back, no need to worry.
- tonks_opLv 71 decade ago
Oh... for a minute there I thought you were trying to push us all to the brink of a heart attack. No, if it is a 'shut-down' as in for a few days or weeks or something. But if the government had some serious problem and just stopped, yes.. we would all be in deep do-do.
- 8 years ago
So very tired of the political hostage the american people are going thru due to the immature temper tantrums the republicans are throwing!!!!!!!