Social Security disability fund to deplete by 2034

Social Security’s trust fund will be completely depleted by 2034 if Congress does not take action, the Social Security Board of Trustees’ 2016 Annual Report to Congress revealed on Wednesday, June 22.

At present, if you receive $2,000 a month in Social Security disability benefits, the Social Security Disability Insurance program will only be able to pay you $1,580 per month in 2034. When it comes to Medicare, the trustees predict that the trust fund for Part A, which arranges financial assistance for hospital expenses for senior citizens, will completely run out by 2028. The depletion date is still 11 years later than was projected before Congress approved the 2010 Patient Protection and Affordable Care Act. Costs for both Social Security and Medicare are expected to grow more quickly than the economy for the next 20 years and remain at relatively high levels after.

If you are in need of Social Security disability benefits, hire the legal representation of an attorney at The Hankey Law Office in Indianapolis. Especially if you find it difficult to file for a Social Security disability claim or you need to appeal your claim after a rejection, call our offices today at (800) 520-3633.