Social Security Disability Program Money Crisis Averted

Some of you may recall my August 5, 2015 blog entry Is the Social Security Administration’s Disability Program Running Out of Money?

To reiterate, the SSA’s disability program is financed through the Federal Insurance Contributions Act tax, which you can see as a deduction on your paycheck.  Once benefits have been paid, any excess is deposited into the SSA Trust Fund.

The problem was that the SSA’s disability portion of the Fund was running out of money and, if Congress did not pass the appropriate legislation, recipients were going to experience severe reductions in their monthly monetary benefits.

Well, predictably enough, lawmakers waited until the last minute to pass H.R.1314 - Bipartisan Budget Act of 2015, which reads in part:

TITLE VIII--SOCIAL SECURITY

Social Security Benefit Protection and Opportunity Enhancement Act of 2015

. . .

Subtitle C--Protecting Social Security Benefits

. . .

(Sec. 833) Specified payroll tax revenues are reallocated to the Disability Insurance Trust Fund to pay benefits until 2022.

So, crisis averted – until 2022 – when I predict history will repeat itself!

If you or your child have been denied SSA disability benefits or suffer from a severe impairment that prevents you from doing any of your past or other work or is causing developmental delay in your child, please contact our office nearest to you to set up a free consultation appointment to discuss your situation.