In a recent report, the Social Security Administration (SSA) estimates the Social Security Disability trust fund will remain solvent until 2052—a stark contrast to the 2032 date they reported just one year ago.
In the event the SSD trust fund were to run out of money, those currently enrolled in the program would continue to receive 91% percent of their typical benefit payments. That funding would then be provided by those Americans who are currently working, who still have Social Security taxes deducted from their paychecks.
About the Report
Currently, about 10 million disabled Americans and their dependents receive SSDI benefits. The annual report maintains the Old-Age and Survivors Insurance (OASI) trust fund will run out of funds by 2034, a prediction unchanged since last year. Senior citizens and survivors would see monthly payments cut by 20% if the program were to continue as it is. The full report is available here.
A Generational Change
Beneficiaries representing later generations who have maintained lower birth rates are beginning to replace the Baby Boomer generation in terms of enrollment. This change is expected to slow cost increases for SSA programs beginning in 2040.
At the same time, the number of workers who are supporting an individual beneficiary is expected to decrease, dropping from 2.8 in 2018 to 2.2 by 2035. This decrease will reflect a large number of Baby Boomers who have retired.
To receive SSD, applicants must have a medical condition or combination of conditions that prevent them from working. While the SSA considers a range of conditions, applicants must prove they will be out of work for at least one year or their condition is terminal. Applicants must also have medical records to support their claim and must have earned enough work credits to be considered.
Applying for SSD can be overwhelming and confusing, and making one small mistake can set you back months or even years. To improve your chances of being approved, it’s advised to partner with a skilled SSD attorney from the beginning to help you with your entire application process.
We Can Help
If you are disabled and unable to work, call Disability Attorneys of Michigan for a free confidential consultation. We’ll let you know if we can help you get a monthly check and help you determine if any money or assets you receive could impact your eligibility for disability benefits.
Disability Attorneys of Michigan works hard every day helping the disabled of Michigan seek the Social Security Disability benefits they need. If you are unable to work due to a physical, mental, or cognitive impairment, call Disability Attorneys of Michigan now for a free consultation at 800-949- 2900.
Let Michigan’s experienced Social Security Disability law firm help you get the benefits you deserve.
Disability Attorneys of Michigan, Compassionate Excellence.