June 1, 2011
The Social Security Board of Trustees released their annual report on the status of Social Security Trust Funds in mid-May with bleaker findings than expected. They estimate that the combined assets of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds will be completely depleted by the year 2036. That is one year sooner than was calculated last year. The study also found that the DI Trust Fund will be gone after 2018, causing a need for immediate legislative action. This means that the equivalent of close to $6.5 trillion in present value dollars would have to be raised over the next 75 years in order to pay out on all benefits.
Micheal J. Astrue, Commissioner of Social Security, was quoted in the press release as saying, “The current Trustees Report again reflects what we have long known to be true — we need changes to ensure the long-term solvency of Social Security and to restore younger workers’ confidence in the program.”
157 million individuals had earnings that were covered by Social Security benefits in 2010.
See the report here.
With benefits drying up at a faster rate than expected,those filing claims will likely find it more difficult to receive benefits. The processes will become more complicated and the denial process can become very drawn out. If you are filing a social security claim, contact the Social Security Disability lawyers with Fleschner, Stark, Tanoos & Newlin. Our attorneys may be able to answer questions you have about your claim.
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