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Social Security in trouble due to growing population

On Behalf of | Jul 31, 2014 | Social Security Disability

Social security disability is supposed to be there to help those who have been hurt or fall ill at work in Ohio and other states. The benefits typically cover medical needs and time off, so these people don’t have to struggle to make ends meet. A report from July 16 suggests that baby boomers and the unemployed are depleting the disability funds. There is concern that if this continues, the reduction in funds may make it hard for people to get disability when they need it.

There are two types of resources that the government uses to fund disability checks: The Old Age and Survivors Insurance and Disability Insurance. Together, the two are known as OASDI, or Social Security. These funds are created with a combination of income taxes and bonds.

Disability insurance currently supports close to 2 million children, 1 million veterans and 4.5 million women. These funds support those who can’t earn a living due to mental or physical injuries or disabilities, but the funds don’t go to just them alone. The funds can also support their spouses, caregivers and dependents. In the United States, disability insurance helps support over 150,000 people who are living with a spouse who has a disability.

Some worry that the system is soon to be stretched beyond what it can handle. The baby boomer generation has begun to enter the high disability and retirement years, and more people than ever are entering the workforce with the addition of more women working. The add-on of the recession in the United States has further strained resources for the funds. So far, it’s believed that in 2016, the Disability Insurance trust fund will no longer be sufficient, and that will mean some people will have to go without benefits, even if they would normally qualify.

Black Press USA, “Baby Boomers and Unemployment Straining Disability Funds,” Jazelle Hunt, July 16, 2014