Social Security Benefits Face Severe Shortages

Financial projections for the Social Security Trust Funds continue to paint a bleak picture. The Trust Funds represent the combined assets of the money provided to Americans via Old-Age and Survivors’ Insurance as well as Disability Insurance. The trustees who run the Trust Funds predict there will be no money left in the Trust Funds by 2036, a year sooner than last year’s predictions.

The situation is even worse for the Disability Insurance funds. The trustees foresee these funds running out in 2018, forcing Congress to take action to ensure SSDI’s viability. A Tulsa Social Security disability lawyer can provide more information on the future of disability benefits.

Last year, the costs pertaining to all Social Security programs exceeded the income that the programs took in. In other words, the money going out exceeded the money coming in as of 2010, and this situation will continue for as long as the trustees can predict. In order to fund all Social Security benefits for the next 75 years, the Trust Funds would need to come up with $6.5 trillion. There is currently no consensus as to how to raise that staggering amount of money.

The major problems facing Social Security underlie the need for expert advice from a Tulsa Social Security disability attorney. Americans depending on Social Security– whether disability benefits or retirement related – face a system much less certain than the first 75 years of Social Security’s existence. Time is becomingly increasingly important in receiving Social Security funds.

Tags: , ,

Leave a Reply

Your email address will not be published. Required fields are marked *