As attorneys specializing in Social Security Disability Benefits, we pay close attention to the news reporting surrounding the Social Security Administration (SSA).
“The 2017 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds” is the full name of the nearly 300-page report.
According to the Board of Trustees, the funding for Social Security is in danger, in part due to the aging of the population. Whereas the ratio of people paying into Social Security to those receiving payouts used to be 4 to 1, that ratio will soon be approaching 2 to 1, as the vast (and long-living) Baby Boomer generation born after World War II reaches the age to collect SSA and Medicare benefits.
According the Peter G. Peterson Foundation in New York City, the combined Social Security trust funds are projected to be depleted by 2034.
The Foundation’s report indicates that, without legislative action, 11 million disabled people will see their benefits cut by at least 7 percent. These cuts — which impact the Social Security Disability Insurance Trust Fund as well — will come even sooner, in just a decade. 2028 is the projected date for those cuts.
While that Foundation does not make specific recommendations regarding the longevity of Social Security funds, it is worthy of noting that the Congressional Budget Office has recommended 30 potential options to stabilize the funds.
And while the next few decades may be rocky years for the funding and continuation of Social Security and Medicare benefits, staying aware of the potential bi-partisan approaches to maintaining solvency will absolutely be worth our attention and consideration.