In 2016, in my blog article 9 Social Security Reform Myths – Busted!, I warned readers that the Social Security trust fund was predicted to run out in 2034, leading to decreased benefits in the years that followed. The 2018 annual report issued by Social Security’s Board of Trustees now predicts that full benefits will likely stop in 2032 — but the silver lining is that current trends suggest there will be less of a steep drop in benefits after that.
Different states have varying numbers of disability beneficiaries, with the highest percentages occurring in southern, rural states like Kentucky and Alabama. So, why would this be? The data from the Social Security Administration offers an explanation.
In my last blog, I mentioned that the rate of Americans receiving disability has leveled off in the past few years after a period of steady growth since the late 90’s. But even though growth has slowed and politicians and lawmakers are working to address the situation, the Social Security system as a whole will still face a funding gap in the future. Here is what you should know.
The state of the economy is a hot topic in the news and in casual conversation. During these discussions, the related topic of disability inevitably comes up. Unfortunately, there are a few misconceptions that many people unwittingly spread when talking about disability and the economy. Here are some reports from the Social Security Administration that shed some light on the truth.