Experts Say Funding For Social Security Benefits Could Run Dry By 2016
January 28th, 2013|
January 28, 2013
With a large volume of aging workers preparing for retirement and a massive influx on claims for SSD Benefits, funding for Social Security is taking out more than workers are putting in. According to FOX News, experts pointed out full benefit payments may not be able to be made to recipients by as soon as 2016.
Statistics show that the number of applications for Social Security Disability benefits has skyrocketed from 1.5 million applications in 2001 to roughly 2.8 million in 2012. Experts attribute this rise to a poor economy, noting that studies show workers are more likely to file an accident injury claim in tough economic times compared to more favorable economic periods.
This issue is only being compounded by a large number of baby boomers who are reaching an age that will allow them to begin receiving retirement benefits. The amount of money being paid into the program by younger workers cannot keep up with amount needed to pay older workers benefits though.
To combat the problem, either taxes must be raised or benefits must be cut; however, which direction to take in order to solve the issue has legislators from around the country divided.
The Social Security Disability Attorneys with Fleschner, Stark, Tanoos & Newlin recognize that lack of funding could make receiving Social Security Disability benefits more difficult than ever before and suggest discussing your options with an attorney if you are preparing to file a claim.