Long story short, the SS disability program runs out of enough money next year to pay full benefits. There is a political fight in congress over what to do to shore it up so disability recipients keep getting their full check.
The most popular idea seems to be to transfer money from the SS retirement fund to the SS disability fund.
As someone nearing the SS retirement age that kind of ticks me off.
What about you?
WASHINGTON (MarketWatch)The Social Security disability-insurance program faces the urgent threat of reserve depletion in late 2016 unless Congress acts to replenish the fund, trustees of the program said Wednesday in their annual report.
Trustees said that Congress should take prompt corrective action to shore up the disability fund.
In the past, Congress has diverted tax revenue from Social Securitys main retirement program to allocate more revenue to disability benefits, said Kathy Ruffing, a senior fellow at the Center on Budget and Policy Priorities.
Treasury Secretary Jacob Lew said he was confident that Congress would come up with a fix.
If the disability fund is depleted, it will be able to pay only 81% of benefits.
Social Securitys combined funds will be solvent until 2034, one year later than estimated in the prior report.
The Medicare hospital-insurance trust fund will be able to continue paying full benefits without any changes in the law through 2030, the same as estimated last year, the trustees said.
Social Security and Medicare together accounted for 42% of federal spending in fiscal year 2014.
The programs face long-term challenges as millions of baby boomers reach retirement age.
Total Medicare costs will grow from about 3.5% of gross domestic product in 2014 to 5.4% of GDP by 2035.
Ruffing of the CBPP said the two programs are not unaffordable or bankrupt.
http://www.marketwatch.com/story/so...-threat-of-2016-shortfall-trustees-2015-07-22
The most popular idea seems to be to transfer money from the SS retirement fund to the SS disability fund.
As someone nearing the SS retirement age that kind of ticks me off.
What about you?
WASHINGTON (MarketWatch)The Social Security disability-insurance program faces the urgent threat of reserve depletion in late 2016 unless Congress acts to replenish the fund, trustees of the program said Wednesday in their annual report.
Trustees said that Congress should take prompt corrective action to shore up the disability fund.
In the past, Congress has diverted tax revenue from Social Securitys main retirement program to allocate more revenue to disability benefits, said Kathy Ruffing, a senior fellow at the Center on Budget and Policy Priorities.
Treasury Secretary Jacob Lew said he was confident that Congress would come up with a fix.
If the disability fund is depleted, it will be able to pay only 81% of benefits.
Social Securitys combined funds will be solvent until 2034, one year later than estimated in the prior report.
The Medicare hospital-insurance trust fund will be able to continue paying full benefits without any changes in the law through 2030, the same as estimated last year, the trustees said.
Social Security and Medicare together accounted for 42% of federal spending in fiscal year 2014.
The programs face long-term challenges as millions of baby boomers reach retirement age.
Total Medicare costs will grow from about 3.5% of gross domestic product in 2014 to 5.4% of GDP by 2035.
Ruffing of the CBPP said the two programs are not unaffordable or bankrupt.
http://www.marketwatch.com/story/so...-threat-of-2016-shortfall-trustees-2015-07-22
