Wednesday, October 28, 2015
Social Security Disability
In the back of my mind, I think that there will be a time where I can't work, that it's too difficult to work and manage my health. So as I listened to recent federal budget discussions, I heard rumblings that social security disability might be eliminated. Multiple myeloma is on the list of diseases that qualify for SSD. Hearing it could eliminated put a bit of a fright in me. Luckily SSD wasn't cut. Money Magazine provides this overview of changes to SSD:
Funding Social Security Disability
The Social Security Disability fund is scheduled to run out of money in about a year. The draft bill will permit Social Security to pay all its disability claims until 2022 by shifting payroll tax revenue away from the larger retirement fund and into this program. Without this reallocation, those on disability would have seen 20% cuts when the funds were exhausted.
Right now, employees and employers each pay a 6.2% payroll tax (the wage ceiling is $118,500 this year) or a total of 12.4% into the agency’s trust fund. Of this, 1.8 percentage points is allocated to the disability fund. Under the bill, this allocation would rise in 2016, 2017 and 2018 by roughly half a percentage point to 2.37%.
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