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Disability
News
Social Security Trustees Release Annual Report to Congress
WASHINGTON, D.C – The Social Security Board of Trustees, a six member bipartisan panel that oversees the financial operations of the Social Security Trust Funds Administration, released their 2006 Trustees Report Monday, reinforcing predictions that Social Security cannot pay full promised benefits to future generations, due to our country’s changing demographics.
“Today’s report reminds us of why Social Security reform and overall entitlement reform is so important,” said U.S. Rep. Ron Lewis (KY-02), a member of the Ways and Means Social Security Subcommittee. “The facts of this report are undeniable. Millions of baby boomers are nearing retirement while the costs necessary to sustain Social Security and Medicare are growing exponentially. This report should refocus our concern and reinvigorate our efforts to address the serious challenges these programs face.”
The Trustees report warns that Social Security tax revenue will fall short of benefit costs beginning in 2017. By 2040, with trust fund revenue exhausted, Social Security will be sufficient enough to finance only 74 percent of promised benefits. The Trustees project that benefits will have to be cut 27%, or the payroll tax will have to be increased by 50%, to pay full promised benefits.Read more at house.gov
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Did You Know?
Disability Insurance Benefits is a coverage provided by the government
If your Disability Insurance Benefits claim is approved, the monthly payment you will receive is set by your earnings (and Social Security tax payments) during your working career. There is no minimum rate. A person must prove that he or she became disabled while disability insurance coverage was in force or you are not entitled to Disability Insurance Benefits
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Social Security
The 2006 Social Security Trustees Report shows little change in the projected financial status of the Social Security program over last year. The T... Read more >
Definition:
Two-part health insurance program for eligible disabled individuals and people age 65 or older
Unincurred Business Expenses
Definition:
Self-employment business support given to you by someone else without cost. If you are self-employed, we deduct unincurred business expenses from earnings when we determine SGA.
DHU
Definition:
Disability Hearings Unit. A unit in each DDD regional office that conducts in person hearings with disabled beneficiaries who appeal a DDD decision that the individual is no longer disabled.
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