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 bill would prevent Social Security Disability Insurance (SSDI) recipients from facing a 19% benefit cut in late 2016. Current estimates predict that if combined full benefits could be paid through 2034. Merging the trust funds would eliminate the need for Congress to determine how to allocate tax revenues between the two funds.
This is a feasible and common sense “first step” approach to working on the sustainability for these very important benefits that many workers rely upon and have paid for during their working lives. I would urge anyone and everyone to contact their representative and senators to voice support for this bill.
If you need more information about a Social Security Disability/SSI, personal injury, EEOICPA, long or short-term disability, VA disability, or a workers compensation matter, please contact the Law Offices of Tony Farmer and John Dreiser for a free case evaluation. We can be reached at (865) 584-1211 or (800) 806-4611 or through our website. We handle personal injury claims throughout Tennessee and disability claims nationwide.