Time is running out for Social Security Disability Insurance (SSDI). The Social Security Administration (SSA) is nearing a fiscal cliff. By fourth quarter 2016, nearly 9 million Americans will have their benefits cut by as much as 20 percent. Congress needs to act now.
These are just some examples of the headlines we have seen over the past several months predicting a budgetary crisis to the Social Security Disability Insurance and Supplemental Security Income (SSI) programs. Let’s move beyond the “Sky is Falling” headlines and identify the real problems.
In 2014, the Social Security Trustees released their annual report.
This report claimed there will be no major change in the number of people retiring or the number of people claiming disability benefits in the near future. In other words, demand for Social Security will not change much. However, the report concluded the Old-Age and Survivors Insurance (Social Security retirement fund or “OASI”) and the Disability Insurance (DI) fund will both be exhausted by the year 2034, as reported by Market Watch.
SOURCE: Massachusetts Social Security Disability Lawyers Blog – Read entire story here.
