Will Social Security Last For Those With Disabilities?
Whenever Social Security is mentioned in the news these days, it’s usually someone discussing limited and quickly dwindling funds. Popular wisdom would convey that when recent college graduates reach social security-drawing age, there won’t be any money left.
Particularly for those with disabilities who are unable to work and financially provide for their families, this is a discouraging scenario. However, exactly how much information is based on fact, and how much is simply scare tactics?
It is true that Social Security is now paying out more than its receiving. This is largely due to the fact that baby boomers, a huge percentage of our current population, are reaching the age at which they can begin drawing social security.
During the next decade, America will have the highest worker to beneficiary ratio in the history of the Social Security Program. As baby boomers continue to retire, life spans lengthen, birth rates decrease, and the cost of living becomes ever higher, the Social Security fund will begin to shrink.
Those who qualify for Social Security Disability benefits must remain vigilant in staying current on the state of the program as well. Disability benefits usually last up to a year, but may be extended if one qualifies as having a condition that physically prevents them from working for life.
There have been different official statements on the amount of Social Security that remains and how long it will last. One statement indicated that there is enough money saved in the fund to pay benefits at the current level until 2041. After that point, we will likely begin to see a decrease in the amount being paid out.
A second briefing, from the Board of Trustees governing Social Security, claimed the benefits will be able to stay at that level until 2033. According to this report, if Social Security does not receive a boost in funding or somehow change policies, there will be a significant decrease in benefits after 2033.
Regardless, if either of these statements proves true, the conclusion is the same. Yes, Social Security may be in trouble. But no, it is not quite time to panic. The attorneys at Brock and Stout can assist in navigating the Social Security Program.