On April 22, the Social Security Administration (SSA) made an announcement that should serve as good new for disability benefits recipients. They announced that its disability trust fund should be able to support recipients for another 20 years.
Their latest estimates show that the Social Security Disability Insurance Trust Fund should remain viable until at least 2052. Just last year, they argued that it would be bankrupt by 2032.
In their latest report, the SSA announced this past Monday that they now estimate that as many as 10 million disabled workers or their dependents receive Social Security Disability Insurance (SSDI).
They acknowledged that the number of applicants for disability benefits has significantly decreased since 2010. This has resulted in a substantial drop in beneficiaries since 2014. These two factors have resulted in the trust fund gaining a projected additional 20 years worth of life.
The expectation is that the cost spent on funding the program will go down beginning in 2040. They note that they believe that this will happen as more members of the Baby Boomer generation pass away. They also believe that smaller birth rates of the generations that followed will replace them.
If you live in Michigan and are disabled, then you may qualify to receive SSDI. Your condition will need to impact your ability to work for a Trenton employer in any capacity and be expected to last at least a year or end in death. A Social Security Disability Insurance attorney can help you determine if your condition is considered as an impairment and help you apply for benefits if it is.