In recent years, there has been a lot of discussion regarding the depletion of the trust fund that provides the financing for the Social Security Disability program in the United States. Our Social Security team at Newlin Disability points out that a recent report may shed more light on the subject for those who are concerned about the issue.
In July, the Social Security Board of Trustees issued their annual report about the financial status of the trust funds for the Social Security programs. A press release from the Social Security Administration stated that while the combined depletion date for the Old Age and Survivors Benefits and Disability benefits programs had been bumped to 2034—a year later than previously expected—the Social Security Disability trust fund would no longer have enough funding to be sustainable beginning next year.
At that time, those who receive Social Security Disability benefits will only receive 81 percent of their total benefits.
While this may seem like a dire situation, there’s still hope. Lawmakers are currently working to address the financial sustainability of the programs. Legislators are currently considering several different budget options.
At Newlin Disability, we understand the important role Social Security Disability benefits play in the lives of many Americans. That’s why we’re hopeful our nation’s representatives can agree upon a resolution to the problem soon.