Today, the Social Security Board of Trustees released its annual report on the long-term financial status of the Old-Age and Survivors Insurance and Disability Insurance Trust Funds. Want to learn more? Read our press release.
Today, the Social Security Board of Trustees released its annual report on the current and projected financial status of Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds.
The combined funds reserves are projected to become depleted in 2035, one year later than projected last year, with 80 percent of scheduled benefits payable at that time. The DI Trust Fund reserves are estimated to become depleted in 2052, extended 20 years from last year’s estimate of 2032, with 91 percent of benefits still payable.
To learn more, please visit: https://www.ssa.gov/news/press/releases/2019/#4-2019-1
Join us on Facebook Events Page on Tuesday, April 30, at 7 p.m. ET as we chat with Social Security’s Chief Actuary Steve Goss about the 2019 Trustees Report. You can register for the event starting on Wednesday, April 24.
Note: The closed-captioned version will be available post broadcast.
The “great recession” that began at the end of 2007 contributed to a rise in initial applications for Social Security disability benefits that peaked in 2010. This surge in initial applications led to a similar rise in appeals for a hearing before an Administrative Law Judge (ALJ). Because the surge in appeals for a hearing exceeded the capacity to complete hearings quickly, the number of cases that had appealed but were still pending an ALJ determination rose. In fact, the number of disability applicants with an ALJ hearing pending rose up to the end of 2016. However, with the improving economy, declining appeals, hiring more judges, additional funding provided by the Congress to address the hearings backlog in fiscal years 2017 and 2018, and implementation of the Compassionate and Responsive Service (CARES) plan, the number of cases pending an ALJ hearing declined in 2017, and is continuing to decline today. Continue reading
By now, you’ve probably heard that this year marks the 80th anniversary of the signing of the Social Security Act. In case you didn’t know, this year is also the 75th anniversary of the payment of the first monthly benefits.
And, today, the Social Security Board of Trustees released the 75th annual report to Congress on the financial status of the Social Security trust funds.