2013 Social Security Report Highlights Financial Struggles
June 3rd, 2013|
June 3, 2013
Last week, the Social Security Administration (SSA) released its report on the financial status of its trust funds. The report highlighted several areas of concern for citizens who depend on the Social Security Disability (SSD) program for benefits.
One area that has garnered a great amount of attention is the financial stability of SSD. The new report indicated that the trust fund supporting the program is sustainable only until the year 2020. At that point, the costs associated with the benefits given to recipients will outweigh the program’s income. By 2033, funding for the program will have run dry unless the government makes adjustments.
The financial struggles of the program mean that adjustments will likely be made in the coming years; however, the problem with using adjustments and cuts as a solution is that those who already depend on the meager payouts as their main source of income will be left receiving less money as the value of the American dollar continues to inflate. So, beneficiaries will not only be receiving less money, but the value of the money they receive will also continue to decline.
The Social Security Attorneys with Fleschner, Stark, Tanoos & Newlin recognize the financial struggles the program is facing may make it more difficult for an applicant to receive approval for benefits. The firm may be able to help though, if an individual is considering applying for benefits or has been denied in the past.