Social Security Trustees Confirm – Disability Reserves To Run Out In 2016
The Disability Insurance (DI) Trust Fund has about one year of reserves to fully pay Social Security disability benefits, according to the Social Security Board of Trustees.
The board issued its 2015 annual report today, stating the DI Trust Fund will only have enough revenue to pay 81 percent of benefits after reserves run out in 2016. Their estimate was unchanged from last year’s report. The Old-Age and Survivors Insurance (OASI) Trust Fund is projected to last until 2034, a year longer than previously estimated.
Approximately 9 million disabled workers and 2 million dependents receive benefits through the Social Security Disability Insurance (SSDI) program, which is a federal insurance program funded by worker and employer payroll taxes.
Congressional hearings on the DI Trust Fund and possible SSDI program reforms included the Ways and Means Committee’s July 9 hearing on “Promoting Opportunity for Disability Insurance Beneficiaries.”
The Obama Administration released a report Friday reiterating its FY 2016 budget proposal to reallocate a portion of existing payroll taxes from the OASI fund to the DI fund to make up the shortage.
A number of proposals to address the DI Trust Fund shortage are outlined by the Social Security Administration Office of the Chief Actuary. Click here to view memoranda addressing legislators’ proposals.
Subscribe to Stay in the Loop
Enter your email to be notified when a new blog is posted.
Thank you for subscribing.
Please enter a valid email.