2012 was a good year for the estimated 8.82 million who received roughly $773.2 billion in benefits, says the Social Security Administration after totaling the numbers from the year.
But with the Social Security program running a $47.8 billion deficit from the 2012 fiscal year, many are wondering what the Social Security disability program will look like in 2013.
According to national data from the Bureau of Labor Statistics, there was an average of 112.5 million full-time workers in 2011, with the private sector claiming about 94.7 million of those workers. Some experts point out that for every 1.67 full-time employees there was at least one person collecting Social Security benefits.
It’s important to point out, however, that this data is not exclusive to disabled workers and their families, but rather lumps them together with retirees, dependent family members and their survivors, many of whom may or may not have a disability.
Despite the deficit, the SSA has announced a $64.5 billion gain in the Social Security Trust Funds, which indicates that 2013 may not be as fearful as many have anticipated. They are also assuring many Americans that Social Security Disability should not be affected by the fiscal cliff, another worry weighing heavily of beneficiaries’ minds.
As the numbers continue to rise, both in expenditures and the number of people who are constantly being approved for benefits, some critics point out that at some point, the money could run out leaving many in a dangerous financial situation. Although the future may not be as bad as anticipated, questions still linger as to how beneficiaries can prepare for the worst while hoping for the best.
Source: Newsmax.com, “Record 8.82 Million Collected Social Security Disability Benefits,” Todd Beamon, Dec. 26, 2012