SOCIAL SECURITY DISABILITY INSURANCE (SSDI) PROGRAM TO PAY OUT ALL BENEFITS UNTIL 2028, SAYS SOCIAL SECURITY TRUSTEES REPORT

On Thursday, July 13, 2017, 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.

The Trustees Report predicts the Social Security Disability Insurance (SSDI) program will be able to pay out all benefits until 2028. This is five years longer than estimated in 2016 (and six years longer than predicted in 2015 after the reallocation of revenues between the Old Age and Survivors (OASI) and Disability Insurance (DI) Trust Funds made by the Bipartisan Budget Act). The reasons cited for this change are a lower-than-predicted number of SSDI applications and a decrease in the number of current SSDI beneficiaries.

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 2016 report.

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.”

The full report can be found here.

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