Retirees in the next five years might just get the jitters about the status of their social securities. With benefit claim applications shooting up by almost 50 percent during the past decade, the social security disability fund is quickly being depleted and may not be enough to suffice the requirements of people who will need them by the year 2015 to 2017.
According to an Associated Press report, the social security disability fund might run on empty as numerous individuals with impairments are being laid off and are unable to come across new careers in the spate of the job market as of late. Adding salt to injury is the mad rush for social benefits triggering a significant backlog for current applicants patiently waiting to have their claims resolved.
With 13.6 million folks living off federal disability benefits and 7.6 million thriving on the Social Security disability fund, the situation now is bleak and insolvency might not be far behind. The Congressional Budget Office has every right to be petrified as they gave a stern warning that social security disability fund might just be depleted by 2017 unless there are some measures by the Congress done to alleviate the sorry state of the benefits agenda.
Most experts point at the economic desperation that’s rampant during a bad economy, as 7 million jobs were slashed out. As the assets in Social Security disability trust fund comes to a measly $180 billion in 2010, economic measures should be in place to mediate the impending fund depletion. By 2038, the fund will eventually be zilch. How will the Obama government take a stand on this yet another stumbling block?
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