Taking a Look at the Future of Social Security
According to most Americans, Social Security is seen as one of, if not the most, important government programs that we have today. The majority of retirees depend on Social Security as part or all of their income. What would happen if the Social Security trust fund were to become depleted? The future of Social security is not too sure.
A Depleted Trust Fund?
As the Baby Boomer generation ages, more and more of the population retires, and relies on social security for their income. As this large portion of the population retires, more and more people are drawing on the Social Security Trust fund while less are paying into it. By 2034, it is estimated that the Social Security trust fund will be fully depleted.
Reduced Benefits Follow
Many people may have heard of the looming crisis for Social Security, but the future is not entirely bleak. Following the depletion of the trust fund, which essentially acts as reserve, the program will still be able to pay out about 75{163d132be0c33ef527548f598c16a5854f0363fa1b320787bb9017ebc72327da} benefits. At this level, the influx of cash into the program will equal the payments out.
Possible Solution
The Social Security program is still one of the most important government programs, and with the retirement crisis coming, it could do with some restructuring. Congress has the ability to shift payroll taxes, and divert more funds to the Social Security program. It has happened many times before to cover any budget shortfalls in the program, and could work again now.
This is why it’s so important to have an experienced attorney with you for every step of your disability benefits journey. If you qualify for Social Security Disability or Supplemental Security Income, Jenkins Block & Associates will help you receive the benefits you deserve.
Need representation for a Social Security Disability claim? Call JBA.
When choosing an attorney to guide you through the process of Social Security Disability or Supplemental Security Income, it’s important to hire an individual experienced with the program and its requirements. Consulting an individual who has insight on Social Security and the application process will prove to be extremely valuable in the long run, especially when questions arise or uncertainty on how to proceed.
Before trying to work out intricate Social Security qualifications on your own, contact our office to make sure you understand the program and process. Protect yourself, know your rights: call us and Get JBA First!
Jenkins Block & Associates has 40+ years of experience in successful SSD/SSI cases in Maryland & Virginia, in addition to being a member of The National Organization of Social Security Claimants Representatives. Call us at 1-800-243-2439 or contact us online to begin the process of filing your Social Security benefits!