Even though a previous estimate suggested the program’s trust fund would run out far earlier, a newer report claims Social Security Disability Insurance (SSDI) is expected to remain solvent longer than once predicted. An article detailing the findings contained in the report appears here.
In the latest summary released by the Social Security Administration (SSA), the SSDI trust fund will retain full funding through the year 2052—in contrast to 2032 as reported only one year ago.
SSDI is a program through the SSA to provide benefits to those who are unable to work. To receive benefits, an applicant must provide evidence they are totally disabled. Applicants must prove they will be out of work for more than one year—or their condition “will result in death.” Currently, about 10 million disabled Americans and their dependents receive SSDI benefits.
The SSA report predicts the Old-Age and Survivors Insurance (OASI) trust fund will run dry in 2034—a suggestion unchanged since last year. Seniors and survivors would see their monthly benefit payments cut 20% if the remains as is. The full text of the report can be found here.
A Generational Shift
With Baby Boomers dying off, their numbers are to be replaced by beneficiaries who represent later generations—all of whom have maintained lower birth rates. Beginning in 2040, this change is predicted to delay cost increases for SSA programs. However, the number of workers who support each beneficiary will drop—going from 2.8 in 2018 to 2.2 by 2035. This decrease reflects the large number of Baby Boomers expected to have retired by that time.
Should the SSDI trust fund run out of money, those who currently receive benefits would receive 91% percent of their typical monthly payments. Funding for these payments would come from those citizens who are still currently working—and have Social Security taxes deducted from their current paychecks.
We Can Help
If you or a loved one has been denied Social Security Disability Insurance benefits to which you are entitled, call Caddell Reynolds for help at 800-671-4100. When you call, you’ll speak with one of our top Arkansas Social Security Attorneys absolutely FREE.
At Caddell Reynolds, we will fight for the maximum compensation you deserve. Our experienced Arkansas Social Security Disability Lawyers understand these complex claims—and can help you qualify to receive the full benefits you deserve.
Caddell Reynolds Injury Law will be by your side every step of the way. Call us for your Free Legal Consultation at 800-671-4100 today. At Caddell Reynolds, there is never an attorney’s fee due up front. In fact, you owe us nothing until we recover for you. We have offices conveniently located throughout Arkansas to better serve you.
Caddell Reynolds. Make the right call!