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Will Social Security Run Out in 2016?

The Social Security program celebrated its 80th birthday in August of this year. President Franklin D. Roosevelt established the program in 1935 to help Americans through the Great Depression. One of the largest areas of social security is dedicated to helping workers who are permanently or temporarily disabled and unable to work.

Today, more than 11 million Americans rely on social security disability insurance (SSDI) payments to live. The current yearly payment average to these 11 million Americans is around $12,228. These payments are funded by payroll taxes. However, since 2009 SSDI has paid out $155 billion more than it has taken in.  This has caused the SSDI trust fund to slowly be depleted. If Congress does not make any changes soon, recipients could see a 19% cut in benefit payments starting in December 2016. This would bring the average yearly payments to less than $10,000.

A proposed solution is to divert funds from the social security retirement fund, which is not in danger of running out soon. This would allow both programs to make full benefit payments until 2034. Supporters of this plan claim this will allow time to solve the problem without hurting those who depend on disability payments. Those who oppose the plan claim it will only delay the collapse of SSDI and hurt retirement funds in the process. Multiple members of Congress have vowed to make this issue a top priority. Only time will tell if Congress is able to replenish the disability trust fund without cutting benefit payments.

It appears that between now and December 2016, changes in social security disability are unavoidable. Whatever may happen to SSDI, you can rest assured Jan Dils Attorneys at Law will be ready to defend your rights.  Jan’s legal team is passionate about helping those people who need and deserve social security disability.  

 

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Jan Dils, Attorneys at Law

Jan Dils, Attorneys at Law
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