Late April saw the release of the latest report from the Social Security Board of Trustees regarding the financial status of Social Security Trust Funds, which cover retirement, disability and survivors benefits. As the Trustees were expecting before they looked at the latest financial figures, the news got worse for Social Security beneficiaries.
All of the estimates of when benefits are expected to run out got bumped up a few years. The Trustees reported that all benefits will be exhausted in 2033, which is three years earlier than last year’s predicted date. If that event does eventually occur, Social Security will only be able to pay a portion of benefits to beneficiaries with the money that is coming in – about 75 percent. Regarding the disability benefits fund, those funds will be empty in four years in 2016, two years earlier than last year’s date.
The Trustees – comprised of Social Security’s commissioner, the Treasury Secretary, the Secretary of Health and Human Services, the Labor Secretary, and two public trustees – warned that Congress needs to act soon to ensure the long term solvency of Social Security. They highlighted the dire situation facing disability beneficiaries – disability benefits will run out of funding during the next president’s term. If Congress does not act by then, the nine million disabled Americans receiving SSDI benefits will face a dire financial situation when they lose the only means most of them have. If you think you may be eligible for disability benefits, we recommend speaking with a Tulsa OK Social Security disability lawyer.
Do you receive SSDI or SSI benefits? How important are they to your and your family’s financial well-being?
Troutman & Troutman, P.C. – Tulsa Social Security disability attorneys
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