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Posts tagged "trust fund"

Social Security Disability Insurance (SSDI) - Funding Solution?

A worry for those qualified to receive Social Security Disability Insurance (SSDI) is whether the necessary funds will be available to pay their benefits?  After waiting for years to go through the process, the thought must turn to whether the program will be solvent despite the worker paying into the system for years.  Representative Xavier Bacerra of California recently introduced a bill in Congress that would combine the Social Security Administration's Old Age and Survivors Insurance Trust Fund with Disability Insurance Trust Fund, which pays benefits for those receiving Social Security Disability Insurance (SSDI). 

The Payroll Tax Cut and Social Security Disability Benefits

Social Security Disability beneficiaries should not be worried about continued benefits just because of the continued payroll tax cut. Before 2011, employees and employers each paid 6.2% of taxable payroll. However, the payroll tax cut passed in December 2010 provided that the employees would pay only 4.2% in 2011. The employers' rate remained at 6.2%. The current cut is scheduled to expire on February 29, 2012. This payroll tax cut has put extra dollars into each workers' paychecks thus enabling them to spend more and, hopefully, stimulate the economy along the way.

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