Every month, disabled and retired Americans receive monthly benefits checks from the Social Security Administration (SSA). This money comes from the federal government, but few know much more than that. Social Security benefits are drawn from two government trust funds, and disability benefits, in particular, come from the Disability Insurance Trust Fund.
The Disability Insurance Trust Fund is an account within the US Treasury, used only to hold these funds. Every day, a percentage of tax revenue from the Federal Insurance Contribution Act (FICA) and the Self-Employment Contributions Act (SECA) are deposited into this account, the amount of which varies by current tax rates.
The main advantage of this fund is that it provides a simple, clear way to distinguish the funds coming in and going out for monthly benefits. Instead of having to request money from the federal government, the SSA can just withdraw money to write monthly checks for people suffering from injuries or conditions that prevent them from working. This system and the fund itself have been in place since January 1, 1957.
Understanding more about the way the SSA works, where the funds come from, and how they are distributed can be useful if you are considering applying for benefits. However, the rules and regulations governing the SSA’s practices change frequently. An experienced attorney can be your advocate and ally, helping you get the benefits you need as soon as possible.
If you have concerns or questions about the SSA or the application process, contact a Tulsa Social Security Disability attorney for more information. We offer free consultations and you may reach us by phone at (918) 265-1404.