Why You Should Not Rely on Social Security Alone
The Social Security Administration’s (SSA) Board of Trustees has released its annual financial analysis report. The trust fund that supports Title II benefits, also known as Old Age Survivors and Disability Insurance (OASDI), is projected to run out in 2035. At that time, ongoing inflows will permit the Administration to pay only an estimated 79% of benefits payable.
I am not trying to sound alarmist and this report is just reconfirming the numbers published this time last year. In other words, the idea that Social Security will begin to pay out more than it takes in—a trend projected to start next year in 2021—is not news. What it means for people with disabilities and their families, particularly young adults who expect to receive Social Security benefits long past 2035, is that each person needs to have a plan that relies not only on Social Security Disability income but also on the person’s own salary or wages, Medicaid waiver funding and supplemental funds accumulated by the family to cover both daily living expenses and disability support needs. You can find the entire report here. (photo courtesy of Sharon McCutcheon via Unsplash.)