Nearly 11 million Americans receiving Social Security could see a deep cut in their benefits next year in the wake of government fears that the disability trust fund will soon run out of money, the Vindicator reports.
The trustees who oversee Social Security fear the disability trust fund will run out of money in late 2016. Recipients could lose up to 19 percent of their benefits unless Congress acts and amends Social Security law.
With the average recipient receiving $1,017 per month, the cuts could result in $193 in cuts for each person receiving disability.
“Today’s report shows that we must seek meaningful, in some instances even urgent, changes to ensure the program is on stable ground for future generations,” said Jo Ann Jenkins, the chief executive officer of AARP.
Talk to Your Social Security Lawyer
Wonder how the plan may affect you? Talk to your Social Security lawyer. Serving the Cincinnati area since 1988, the law firm of Clements, Taylor, Butkovich & Cohen, L.P.A., Co. would be happy to address your concerns. Contact us today by calling 513.721.6500, or using our contact form, for a free consultation.