Social Security to go “broke” in 2017

By Tomasz Stasiuk, August 23rd, 2011 | Building a Case, SSA News | 3 Comments

AP reports Social Security may run out of funds to fullyfund Social Security disability benefits as early as 2017:

New congressional estimates say the trust fund that supports Social Security disability will run out of money by 2017, leaving the program unable to pay full benefits, unless Congress acts.

…

The trustees who oversee Social Security are urging Congress to shore up the disability system by reallocating money from the retirement program, just as lawmakers did in 1994. If Congress does not act, the disability program will collect only enough payroll taxes to pay about 85 percent of benefits after the trust fund is exhausted in 2017.

So, Social Security may not have enough coming in to pay out full disability benefits as soon as 2017. Whether this will prompt the described reallocation or if this means cuts to the nation’s 13.6 million on disability remains up in the air.

Via The Raw Story

Tomasz Stasiuk is the founding attorney of the Stasiuk Firm - a law firm devoted to exclusively handling Social Security disability cases in Colorado. Contingent fees available.