Social Security disability funds could run out by 2016
When today’s 48-year-olds retire in 2034, both the Social Security Administration’s disability and retirement funds are projected to be completely depleted. According to Social Security disability trustees, if Congress doesn’t make moves to prevent this from happening, Social Security disability funds could be depleted by the last quarter of 2016. This move is via Congressional reallocation, which both the House of Representatives and the Senate – working together – last did in 1994 when they moved money from the retirement fund to the disability fund.
Social Security disability trustees said on Wednesday, July 22 that the healthcare spending slowdown has shored up the funding outlook for the disability program. They added that because of this, the government would only be able to give out 86% of the scheduled benefit payments.
The Social Security disability insurance program provides much-needed financial assistance for individuals with disabilities who qualify. If you live in Indianapolis and you need legal assistance filing for Social Security disability benefits, contact the experienced attorneys at the Hankey Law Office by calling (317) 634-8565 today.