Trustees Urge Quick Action Amid Social Security Outlook
Aug 18, 2016
Tampa, FL (Law Firm Newswire) August 18, 2016 – New projections from trustees indicate that Social Security will begin to outspend its earnings by the end of the decade. The annual report cautioned that action was required sooner rather than later to boost funds and avoid disrupting the lives of millions of people who depend on the government program.
Social Security’s financial outlook remains unchanged from last year’s projection. The program is likely to run out of funds by 2034. The date applies to the Disability Insurance (DI) and Old-Age and Survivors Insurance trust funds. Trustees warned that Congress’ failure to act on DI solvency within the next seven years could result in a sweeping benefits cut across the board.
“If Social Security funds are allowed to deplete, millions of elderly and disabled Americans could suffer a detrimental slash in benefits,” said David W. Magann, a prominent attorney in Tampa, Florida, whose firm specializes in Social Security disability law. “Policymakers must address the solvency challenges facing the program. Careful management of resources through a combination of measures can help preserve the program for future generations.”
Around 11 million individuals received benefits from Social Security Disability Insurance in 2015. The aging of the population is a key force behind the program’s projected growth. As Americans age, more and more people become eligible for benefits.
The report predicted an estimated 0.2 increase in Social Security benefits after the official 2017 cost-of-living adjustment at yearend. Millions of Social Security recipients would get less than a $2.50 rise in monthly payments. Increases are dependent upon a government gauge of inflation, which has been low.
“Lawmakers should address these financial challenges as soon as possible,” the trustees’ report concluded. “Taking action sooner rather than later will permit consideration of a broader range of solutions and provide more time to phase in changes so that the public has adequate time to prepare.”
Learn more at http://www.floridasocialsecurity.com/
David W. Magann, P.A.
156 W. Robertson St.
Brandon, FL 33511
Call: (813) 657-9175
4012 Gunn Highway #165
Tampa, Florida 33618
- SSA is Heading For Delays Again After Recent Cutbacks & Years of Improvement
Service Cuts, Computer Problems Cloud Social Security’s 79th Birthday: The Social Security Administration should have reason to celebrate. After all, August 14, 2014, marked the 79th anniversary of the day when President Franklin Roosevelt signed the Social Security Act, which ushered in the landmark entitlement program. However, the agency’s birthday was a less than cheerful […]
- SSA is Ramping Up Disability Reviews in 2014
The Social Security Disability Benefits Reform Act of 1984 (“DBRA 1984”) was passed by a unanimous, bipartisan vote in the House and Senate (99-0) in September 1984. President Reagan signed the law on October 9, 1984, when it became Pub. L. No. 98-460. One of the main provisions required “medical improvement” before benefits could be terminated where […]
- Never Allow A Non-Attorney to Represent You At Your Social Security Hearing!
You should NOT have a non-attorney clerk at your hearing? This seems obvious, but several Florida law firms and any company identifying themselves as “Experts”, some who are advertising on TV, are sending non-attorney clerks to Social Security Hearings simply because its cheaper for them to do so rather than have an actual attorney appear. How in […]
- Do Not Believe Non-Lawyer Websites Who Post 95% Success Rates!
Continually we see claimants who have had a non-lawyer representative whose company boasts a 95% success rate when in fact it is simply not true. No lawyer website can ethically advertise with success rates in percentages because it is misleading and yes, unethical. Each claim is different and if it is to good to be true, […]
- Missing Your Social Security Statements? SSA’s New Policy
SSA has recently changed its policy regarding the availability of the annual Social Security Statement. Effective May 1, 2012, SSA will begin to provide real-time online access to the Statement with the release of the new “MySocialSecurity” portal, www.socialsecurity.gov/mystatement. In March 2011, due to budget issues, SSA suspended the mailing of all annual Social […]