Will a Social Security Retirement or Disability system exist when I need it?
The Social Security Retirement program is the result of a bill enacted by Congress in 1935, 80 years ago this year. In 1956 the Disability program was added, initially only for workers aged 50-64. FICA taxes fund both programs. There are separate Trust Funds for both programs, though there have been frequent transfers of funds between the Disability and Retirement Funds over the years. You may have heard about the possible insolvency of either the Disability Fund or the Retirement Fund, or both, if changes are not made soon. The rumors are true. If Congress doesn’t act, both funds could run out of money, despite the fact that nearly every working person in the United States continues to pay into the funds. Just recently the House of Representatives passed a law that restricts the transfer of money between the Disability and Retirement Funds – despite nearly universal opposition from Social Security advocacy groups. The bill insures that the Disability Fund will run out of money, as soon as next year! Hopefully, that bill will not become law. The Social Security solvency problems are fixable and many smart people, including those in the Social Security Administration, have proposed solutions, some of which are quite simple. It will take political will, and an act of Congress, to put the ideas to work. We all know that waiting for Congress to do something can be very frustrating, but that is the answer to this dilemma. Ask your Congressman and Senators what they are doing to avert the Social Security Funding crisis. Tell them to do something now.
If you have questions regarding your Social Security Disability Insurance Benefits (SSDIB) claim or your Supplemental Security Insurance (SSI) claim, please contact the law office of Philip H. Garrow