Is the Social Security Fund Out of Money?

Everyone has heard the rumors that the Social Security Administration (“SSA”) is running out of money. Earlier this month, SSA released its annual report, which explains the realities of the situation. While the combined trust fund reserve is still growing, it is expected to exceed the income the trust fund is bringing in, starting in 2020. This means that if Congress does not address the depletion beforehand, SSA will only be able to pay recipients 79% of their scheduled benefits beginning in 2034.

SSA also revealed that it paid out benefits of $886 million in 2015. These benefits were issued to 60 million beneficiaries last year.

Take a look at the report and spend some time perusing the numbers. It helps to explain why the SSA has become a hot button this election year, as it is quite apparent that changes must be made to ensure that this vital beneficiary system can provide for future generations.

Got a question about SSDI or SSI that you need us to answer? Please check out our website at www.westcoastdisability.com . We try to provide you with helpful information on our website that will allow you to successfully navigate the Social Security Disability process. Also, feel free to email me your questions at megan@westcoastdisability.com or call me at (800) 459-3017 x 103.