Some Cincinnati residents may have lost some sleep over the years as seemingly regular reports come out with dire predictions about the stability of Social Security funds. Social Security Disability, in particular, has been the focus of many reports. But a recent report indicates that there may not be such an immediate threat to this important financial lifeline after all.
According to the report, the Social Security Disability program should have enough funds to pay 100 percent benefits until 2028. At that point, based on current SSD benefits that are paid out, the SSD fund will only be able to pay out about 93 percent of benefits going forward.
With new leaders moving to Washington, D.C., federal programs like Social Security Disability have received renewed scrutiny. Some people throw around ideas that might scare Ohio residents who are receiving SSD benefits, but there are also some who are trying to help keep the program solvent. For those who are dealing with a disability and are currently unable to work because of it, there is no time like the present to begin the application process for Social Security Disability benefits.
But Ohio residents who are planning to submit an application for SSD benefits should know that there are quite a few requirements that must be met. The disability must be quite serious – leaving the applicant unable to work for 12 months or more, or expected to result in death. Applicants must also have acquired the requisite amount of “work credits” to qualify for SSD benefits. Potential applicants would probably be well-served by getting more information about the application process.
Source: heritage.org, “Social Security Trustees: Disability Insurance Program Solvent Until 2028,” Rachel Greszler, July 26, 2017