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New report details viability of Social Security disability fund

Followers of the Social Security system in Missouri and elsewhere may have concerns about its viability. For years now, funding for the program has faced strains, and the amount of benefits being paid out has increased. This includes Social Security disability funds.

The Social Security Administration recently released its annual Trustees report, detailing the long-term health of Social Security disability system, amongst others. With regard to Social Security disability or SSD, the report found that the program's trust fund would be depleted in 2023, which is seven years later than projected last year. Additionally, the report indicated that 89 percent of all SSD benefits will be payable.

Concerning to many following this issue is the fact that the report states that, though the Trust's income has increased over the last year and is expected to grow through 2019, expenses are expected to overcome income starting in 2020. Though this may be disconcerting, the fund's viability may be extended if Congress takes action. Regardless, though, many of those who receive SSD benefits will continue to do so even if the fund is depleted.

For many Missourians, Social Security disability benefits provide a significant amount of financial relief during a time when they are unable to work. However, even without the concerns noted above, many disabled individuals face difficulties while trying to obtain and retain their benefits. Initial claims are denied, claims come up for review and benefits may be halted for a variety of reasons.

When confronting these problems, disabled individuals need to be armed with thorough knowledge of the law and how it can be used to their advantage. By becoming fully aware and acquiring assistance, these individuals might be able to make better legal arguments and stand a better chance of reaching an outcome that protects their financial interests.

Source: Walterboro Live, "Social Security: Disability Fund improves in near term," June 22, 2016

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Alan E. DeWoskin, P.C.
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