Disability trust funds gain solvency, expert guidance emphasized
From GlobeNewswire: 2024-05-07 10:04:00
The Disability Insurance Trust Fund and Old-Age and Survivors Insurance Trust Fund have gained a year in solvency. The SSDI benefits will be payable at 100% through 2098, contrasting with the projected depletion of the OASI Trust Fund in 2033. Allsup emphasizes the importance of expert guidance in navigating SSDI claims.
Factors such as increased wage growth and low unemployment have influenced the improved outlook for the disability fund. The disability incidence rate has decreased, benefiting the disability fund’s stability. Allsup anticipates a rise in disability applications but not as fast as previously projected, highlighting the continued need for SSDI benefits and return-to-work programs.
The combined OASI and DI trust funds are expected to pay scheduled benefits at 100% through 2035 and thereafter at 83%. The funds’ total reserves declined in 2023 to $2.788 trillion, signaling the need for legislative action to address upcoming shortfalls. Rising Medicare costs and beneficiary numbers will lead to deficits starting in 2025.
The Trustees are calling for immediate legislative action to secure the future of social insurance programs. Demographic shifts, an aging population, and lower birth rates have influenced financial projections. Allsup stresses the importance of expert navigation of the evolving landscape governing SSDI benefits to ensure clients receive the benefits they deserve.
Allsup offers expertise in navigating disability claims with a track record of 400,000 approved customers in 40 years. Individuals can rely on Allsup’s advocacy to secure the benefits they need and are entitled to. For more information on applying for SSDI benefits or eligibility, visit FileSSDI.Allsup.com or call 1-800-678-3276 for assistance.
Allsup provides a range of services supporting people with disabilities in leading financially secure and healthy lives. Founded in 1984 in Belleville, Illinois, the company delivers specialized services and financial solutions for individuals and employers. Learn more at Allsup.com and download their free e-book on SSDI applications.
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