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Blog

  • As regular readers of SS&Y are aware, the Social Security Administration administers 2 trust funds. The Old Age Survivors Insurance (OAS’) fund pays retirement benefits. The Disability Insurance fund (DI) pays disability benefits. When Congress passed and President Obama signed the Bipartisan Budget Act in November of 2015 to reallocate current contributions between the OASI…

    7+ months ago
  • The Social Security Administration has announced there will be no Cost of Living Adjustment in 2016 for the nearly 65 million Americans drawing Social Security disability, retirement or SSI benefits.  This is because there was no inflation between the third quarter of 2014 and 2015 as measured by the Consumer Price Index for Urban Wage…

    2+ years ago

News

  • Spring-Summer 2015 Newsletter SSDI Insolvency Looms We’ve known it’s been coming for some time and now it’s on our doorstep. Unless Congress acts the Social Security Disability Insurance Trust Fund (DI Trust Fund) will become insolvent late next year and unable to pay full benefits any longer. Millions of Americans who rely on their disability checks for most, if not all,…

    2+ years ago
  • Fall 2014 Newsletter OBAMACARE UPDATE On October 1st it will have been a year since enrollment began in the Affordable Care Act national health insurance program known as Obamacare. The difficulties in the early weeks and months have been well documented. But where are we a year later… Read the Newsletter in PDF format.   Read the Newsletter in PDF…

    2+ years ago

2013 SOCIAL SECURITY TRUSTEES REPORT

This year’s report of the Social Security Trustees was released on May 31, 2013. The Social Security Administration is comprised of 2 trust funds. The Old-Age and Survivors (OASI) Trust Fund covers retirement benefits. The Disability Insurance (DI) Trust Fund finances disability and ancillary benefits. The Funds have differing reserves.

Under current projections, the DI Trust Fund will be depleted in 2016. At that point benefits would be reduced 20%. The OASI Trust Fund will become insolvent in 2033.

The report stresses that the shortfall is occurring because of 3 factors. The first is demographic. The number of beneficiaries are growing as the number of tax paying workers is declining. Baby- boomers are aging and we haven’t reproduced, nor are our children reproducing, at the rates of our parents.

The second is that real per-capita payments are rising under current benefits formulas. There is a movement afoot to change the formula by which benefits and Cost Of Living Adjustments are calculated.

And the third is that program is financed on a pay-as-you-go basis, meaning benefits are paid mostly by contributions from the succeeding generation.

This is not the first time a shortfall crisis has arisen. In 1983 several measures were taken to address the crisis. Cost of Living Adjustments (COLA) payments were delayed 6 months, benefits were exposed to taxation for the first time, newly hired federal employees were brought into the system, the retirement age was raised and a previously enacted increase in the payroll tax was accelerated. The fix this time will require similar pain and creativity.

 

Call today if you have questions about the Michigan Social Security Disability Attorney and Lawyer Services provided by William Crawforth.

To schedule an appointment call 800-864-1244 or fill out the contact form at the top of this page.

  • State Bar of Michigan
  • Washtenaw County Bar Association
  • National Organization of Social Security Claimants' Representatives

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