According to the Washington Post, the trustees for the Social Security Disability fund have announced that it will be funded at its current rate until 2052. The trustees had previously announced, back in 2015, that the trust might run out of funds as early as 2016, but a combination of low unemployment and few new disability claims have led to the positive revision to estimates of Social Security’s continued solvency. This is good news for anyone who relies on Social Security Disability, as it means they will continue to have its support for at least a few more decades.
The Social Security Trust is funded by the Social Security tax that is withheld (in the case of employees) or directly taxed (in the case of independent contractors) from the paychecks of every working American. As a result, the more people who work, the more money comes into Social Security. Additionally, more people working means fewer people claiming Social Security, since you generally cannot work to any significant degree and claim disability at the same time. Combined, these factors help to ensure the Social Security Disability fund will be solvent for the foreseeable future.
If you or a loved one need assistance applying for Social Security Disability benefits, it is important that you seek the guidance of an experienced Social Security Disability benefits lawyer. The lawyers at Sullivan & Kehoe, LLP have over 50 years of combined experience between its attorneys and are available to you or your loved one in obtaining Social Security Disability or Supplemental Security Income benefits. To schedule a consultation with our New York Social Security Disability benefits lawyers, call (631) 823-7155.