Longevity of Social Security Insurance Programs
Rumor has it the current Social Security Benefit system is not one that will last forever, but we know that these benefits will not run out tomorrow. According to the latest Trustees report, the Social Security Disability Insurance (SSDI) Trust Fund will not be in danger until 2052, at which point beneficiaries might be able to collect about 91 percent of their benefits. However, it is projected that we will see a shortage of benefit payouts for Old-Age and Survivors Insurance Fund (OASI) benefits beginning in 2032, with payouts projected to be about 80 percent.
This is concerning, because although it may not affect you, it may affect your children one day. We do have time to find a solution to this situation. Year 2052 may seem like a long time from now, but we must stop kicking the can down the road and strategize now on how to update the current system to sustain benefits for those entitled to them in the future. This is a job for Congress because these are federal entitlement programs that need to be adjusted. This is a pressing matter as currently about 53 million individuals are collecting OASI benefits and 10 million disabled workers and their dependents receive SSDI. That is a potential of 63 million lives being affected if a solution is not found in a timely manner. Only moderate adjustments are needed to ensure Social Security health, if they are enacted now. Contact your Congressmen to tell them to act now to secure the viability of this important program.