Just days before their 82nd birthday, the Social Security Administration released a report on the state of the Social Security trust funds, which shows that the financial health of the system continues to increase. In spite of shortfalls in policy by current lawmakers, the program remains prosperous, offering benefits and financial security for millions of America’s most vulnerable.
In 2016, the Social Security trust funds acquired approximately $35 billion more than it paid out. In particular, the Social Security Disability Insurance Trust Fund was found to have improved considerably, and can now pay full benefits until 2028 under presently scheduled benefits and financing – 5 years longer than specified in last year’s report.
President Franklin D. Roosevelt created the Social Security trust funds in 1935 as part of a social safety net for American workers, paid for by the citizens themselves through payroll taxes. In its 82 years as an institution, the trust funds have collected around $20 trillion and paid out approximately $17 trillion, leaving an extra $3 trillion for Social Security retirement and disability.
Even though Social Security has shown continued solvency, proven value as the primary social protection program for Americans, and received this recent positive forecast, the safety net for thousands of American workers continues to be under constant, aggressive attack from government leaders and lawmakers.
Visit our Political Action page to contact your elected representatives, and urge them to stand up for your rights by opposing policy changes that would threaten the benefits of every person who will one day depend on Social Security benefits. You have paid into it for your entire career; you have a right to enjoy benefits that provide a minimum quality of life.
If you are receiving workers’ compensation benefits, you can still apply for Social Security disability. Contact us at 800-568-7500 for a free evaluation of benefits today.