In Washington, D.C. this month (August, 2015) there was a renewed focus on the debate over the future of Social Security funding, as congressional Republicans consider a new set of proposals which seek to avert looming fiscal shortfalls in the disability program. Previous posts have detailed other potential plans to shore up the program’s finances, including raising the current cap on FICA taxes, reducing benefits, or transferring funds from the social security retirement trust fund into the disability trust fund to make up for the shortfall. The last option, referred to as an ‘inter-fund transfer,’ [...]
If you are concerned about what you can do to make sure your Social Security number stays safe, make sure to keep the following tips in mind.
While Social Security continues to provide vital economic support to millions of disabled and retired individuals, children, and widows, there are long-term funding concerns which need to be addressed to keep the program fiscally sound for generations to come.
On the first day the new Congress took office earlier this year (2015) Republican lawmakers passed a measure that stopped the routine transfer of money from the social security retirement trust fund to the disability trust fund. In the past, Congress routinely transferred revenues between the funds as the need arose. In the early 1980’s, for instance, revenues were transferred from the disability trust fund to help shore up the retirement trust fund, though in recent years the transfer has typically flowed from the retirement fund to the disability fund. As it now stands, the [...]
Individuals applying for Supplemental Security Income (SSI) may be eligible to receive benefits while their disability application is pending if they qualify for presumptive disability.
Millions of Americans rely on Social Security Disability Insurance (SSDI) benefits. With the Disability Insurance (DI) Trust Fund on course to become insolvent by the close of 2016, numerous policy changes have been proposed to ensure that the SSDI program continues to serve eligible applicants. Some proposals would result in an increase in the number of funds entering the DI Trust Fund. Here is a brief look at a few of those proposals. Payroll Tax Rate and Taxable Earnings Cap The Social Security program is funded by payroll taxes deducted from employee paychecks and matched [...]