Social Insurance Trust Fund

The Social Insurance Trust Fund is a government account that holds the funds collected from payroll taxes to fund social programs like Social Security and Medicare. These funds are used to pay benefits to eligible retirees, disabled individuals, and other beneficiaries. Essentially, it acts as a savings account specifically designated for social insurance programs, ensuring there are resources available to support these benefits now and in the future. The trust fund is managed to maintain its financial health and sustainability for ongoing social support.