Imagine that you are in such a dire medical condition that doctors said you would not live much longer. And imagine further your elation when those same doctors came back to you and said they had revised their estimate of your life expectancy upwards by 20 years.
That is essentially the good news for the Social Security Disability Insurance trust fund, which was recently given an extra 20 years of life by trustees in their annual report.
Under the new estimate, it is expected that the Social Security Disability Insurance Trust Fund will stay solvent until 2052. You might recall that about a year ago, the trustees estimated that the fund would remain solvent only to 2032.
According to a recent news article, SSDI beneficiaries would receive just 91 percent of their usual monthly checks if the trust fund was to run out of money.
Money for the trust fund is from workers who contribute Social Security taxes out of each paycheck.
Of course, this boost in life expectancy is good news for more than a faceless trust fund – it is great news for those who are currently receiving SSDI benefits, as well as those who will apply for benefits in the future.
The news is not quite as great for retirees, their dependents and survivors, however. The projected date for insolvency of the Old-Age and Survivors Insurance Fund remains the same: 2034. If that trust fund were to be depleted, beneficiaries would see their monthly benefits reduced by 20 percent, the news report stated.
If you or a loved one has had an SSDI claim denied, speak to an attorney experienced in successful SSDI appeals about your legal options.