Applications And Approvals Rates For Social Security Benefits Decreasing
February 6th, 2013|
February 6, 2013
Experts say the record low numbers of applications filed for Social Security Disability Benefits could have a correlation with an improving job market in the United States. An article published in a recent issue of The Wall Street Journal discussed the connection between the two in detail and what it could mean for the future of beneficiaries.
Data from the Social Security Administration (SSA) shows the agency received 2,820,812 applications for Social Security Disability Benefits in 2012, the lowest number of applications that had been received since 2009. Only around one-third of applications received approvals though, which was a significant decrease form the approval rate of around 50 percent that was recorded in 1998.
Experts say the decline in the approval rate could be connected to the improving job market in the country, considering an estimated 1.8 million jobs were added to the economy and the unemployment rate plummeted last year.
Further improvements in the economy that are expected in the coming year could also benefit the Social Security program as well. With more workers entering back into the job market, the amount of payouts coming from the program would decrease alongside a lower number of recipients.
The Social Security Disability Attorneys with Fleschner, Stark, Tanoos & Newlin point out the lower approval ratings could also mean it is simply becoming more difficult to receive these benefits as budgets to the program tighten and suggest discussing your case with an attorney if you are considering applying for benefits.