June 5th, 2012|
June 4, 2012
The Social Security Disability Insurance (SSDI) program is now projected to run out of money by the year 2016, according to Myrtle Beach Online.
That’s much sooner than the Social Security retirement plan or Medicare.
One of the reasons that the system is running out of money is the economy. When people can’t find work and use up their unemployment benefits, they turn to disability for assistance.
Another reason for the dwindling SSDI is that the 77 million baby boomers projected to swamp the federal retirement system will first use up the disability program.
One senator said that he has tried to interest his fellow lawmakers in the issue, but he said that they don’t want to touch things that they can get criticized for.
Another senator has said that the program’s finances are less dire than they may appear. Congress can funnel revenue from elsewhere to cover the shortfall.
Eleven million disabled people, their spouses, and their children depend on the SSDI program to stay out of poverty.
The number of Americans receiving disability benefits is up 23 percent since December 2007, and the applications have risen more than 30 percent since then.
Incoming payroll revenues will cover 79 percent of SSDI benefits. That means a possible 21 percent cut to its beneficiaries if changes aren’t made soon.
If you or someone you know needs help with Social Security Disability eligibility, contact the Social Security lawyers at Fleschner, Stark, Tanoos & Newlin.