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- Social Security Disability Faces Risk Of Insolvency.
Social Security Disability Program Risks Insolvency.
Patrick Vidal | US Gov Connect
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According to statistics, applications for disability claims are up over 50% over the past decade. In fact, analysts predict that at the present rate, the SSI program will run out of money as early as 2017. Analysts have long said that the Social Security retirement program will most likely run out of money by the year 2037. The government has been focused on fixing the problems that Social Security is facing. However, there are no easy solutions to problem. Some experts feel that the problems were created during the 1980's when Congress loosened the regulations which governed who could receive money under the SSI program.
Further exacerbating the problems are the fact that in a difficult economic situation, many disabled people are losing their jobs and can not find new jobs. Applying for social security disability benefits is for some a last ditch effort to pay their bills. In fact, this year alone, about 3.3 million people are expected to file for benefits. That rate is up about 700,000 from 2008 and over a million higher than the number who filed for benefits about a decade ago. Today, over 13.6 million people receive benefits which range from $500 to $900 a month.
According to Social Security Commissioner Michael Astrue, "It's primarily economic desperation. People on the margins who get bad news in terms of a layoff and have no other place to go and they take a shot at disability."
Experts also site the aging population as well as the fact that the system encourages people to apply for benefits when they are young rather than when they can get retirement benefits. While you must wait until the age of 66 to get full retirement benefits, you can receive some reduced retirement benefits at the age of 62. Disabled workers can get benefits even if they are younger than 62. In addition, people who qualify for the program can get Medicare benefits after a few years even if they are younger than 65. This is the age that people routinely qualify for health benefits.
While lawmakers struggle to fix the program, they also struggle with how to create laws that allow legitimately disabled people to quickly get claims while denying others the benefits that they should not be receiving. One thing is for sure, there are no quick fixes or easy answers to the problems that plague the program.
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