The Social Security program is designed to help people when they retire and also when they become too disabled to work. Funding for Social Security comes from two different trust funds, the Social Security Disability trust fund and the retirement trust fund. Many in Pennsylvania will eventually need to utilize the disability fund which the government keeps funded.
The trustees in charge of the trust funds for the Social Security program have estimated that the funds available for both the retirement and the disability trust funds are currently funded through 2033. Incoming tax revenue is the sole source for funding benefits. However, some are worried since Social Security has been operating at a deficit since 2010.
Much of the issues with funding started with the baby boomers reaching the peak disability period prior to retirement age. The trust fund for disability benefits is estimated to be totally depleted by late 2016. Previously, lawmakers have avoided a cut in benefits by moving funds back and forth between the two trusts. The U.S. Treasury Secretary advocates redirecting funds collected from payroll taxes in order to maintain disability benefits for those in need.
As long as the Social Security disability trust fund remains funded, those in need will be able to receive the monetary assistance they require. Therefore, if a person in Pennsylvania is in need of disability benefits, he or she should not wait to begin the application process. Also it is important to properly research the correct legal procedure in order to efficiently navigate the system in order to obtain promptly.
Source: Washington Examiner, “Only two years until Social Security’s disability fund runs out“, Joseph Lawler, July 28, 2014