When a person is diagnosed with a disabling condition, it can be difficult to process. While one might be optimistic that this is only short-term, the reality is that it may take years to recover or even lasting a lifetime. This could result in challenges when it comes to caring for one’s self, especially when it comes to making an income. If a disability impacts the ability to work, it may be possible to secure Social Security disability benefits.
There has been much coverage about the Social Security disability trust fund and how long it has until the funds are depleted. Just a year prior, it was estimated that it would last until 2032. However, based on recent reports, it is expected to stay solvent until 2052. It was stated that if the fund were to run out of money, the beneficiaries currently receiving checks would receive 91% of that amount moving forward. This money would come from the workers currently paying into the program.
Nonetheless, the projected depletion date for the Old-Age and Survivors Insurance Fund is still at 2034. These recipients would see their payments cut by 20% if the program is left unchanged. It is projected that roughly 53 million individuals are currently collecting these benefits. Additionally, 10 million disabled workers and their dependents are currently receiving Disability Insurance Trust Fund or DI payments. The improvement for the DI fund is attributed to both the decline in applications and the reduction of beneficiaries.
SSD benefits can be extremely beneficial. In some cases, it is only because a person receives these funds that he or she can meet their basic living expenses. A disability can impact a person’s life in more than one way. Thus, it is imperative that disabled individuals understand their rights and eligibility to recover SSD benefits.