2013 Board of Trustees Report on Social Security Shows Lack of Funds
June 11th, 2013|
June 11, 2013
Each year, the board of trustees assigned to oversee the operations of the Social Security program is tasked with issuing a report on the financial outlook of the program’s trust funds. This year’s report offered stark news to recipients of Social Security benefits.
According to the report, the trust funds that feed programs such as old age retirement and Social Security Disability Benefits will begin losing money in eight years. This means the revenue brought in to the funds from taxes will be exceeded by expenditures of the program. If no action is taken to correct the problem by lawmakers, the funds will completely dry up by as early as 2033.
Until that time, recipients of benefits may see cuts to their benefits. Estimates show the program only having the ability to pay 77 percent of a full benefit to recipients.
The lack of funding is complicated by an influx of citizens applying for Social Security benefits. The number of recipients of Social Security Disability benefits recently swelled to an all-time high of more than 10.5 million people, while the number of retiring baby boomers is expected to continue growing as well.
The Alabama Personal Injury Lawyers with Norris Injury Lawyers point out these problems may make it more difficult to have a new claim approved. The firm may be able to help anyone who is considering applying for Social Security benefits or those who have had a claim denied in the past.