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Social Security Disability Insurance (SSDI) Program to Pay Out All Benefits Until the Third Quarter of 2023, Says Social Security Trustees Report
June 23, 2016
On Wednesday, June 22, 2016, the Board of Trustees released their annual report on the current and projected financial status of the Social Security Trust Funds. The Report concluded that the Social Security programs are stable, and they serve the American people well.
Due to the Bipartisan Budget Act of 2015, which reallocated revenues between the Old Age and Survivors (OAS) and Disability Insurance (DI) Trust Funds, the Trustees Report predicts the Social Security Disability Insurance (SSDI) program will be able to pay out all benefits until the third quarter of 2023. This is one year longer than previously estimated. Among the reasons for this change are a lower-than-predicted number of SSDI applications.
The Trustees Report predicts that the combined OASDI Trust Funds have sufficient reserves to pay full benefits until 2034, which is the same solvency date predicted in the 2015 report.
The full report is available at https://www.ssa.gov/OACT/TR/2016.
Stephen C. Goss, Chief Actuary of the Social Security Administration, said at a House Ways and Means Committee Social Security Subcommittee hearing on June 22 that “the actuarial status of the OASI and DI trust funds is slightly improved compared to last year’s report.” There will be an increase in the cost of Social Security’s benefit programs as Baby Boomers age, but once this shift is complete around 2035, “the cost of the program will be relatively stable.”
The National Organization of Social Security Claimants’ Representatives (NOSSCR) continues to support the long-term solvency of all Social Security programs, protection of current and future beneficiaries, and adequate administrative funding so that the Social Security Administration can carry out its vital work.
“The Trustees Report shows that current estimates about Social Security Disability Insurance are right in line with actuarial predictions, and the program will continue to serve 11 million American workers who rely on its modest but crucial coverage,” said Barbara Silverstone, Executive Director, NOSSCR. “The program is delivering on its promise to the American people, and provides needed income to those no longer able to support themselves through work.”
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To request an interview with a NOSSCR spokesperson, contact Maria Myotte at firstname.lastname@example.org or 720-352-6153.