Blog
-
We already knew Social Security benefits were rising 2.5% due to the Cost of Living Adjustment (COLA). We now know Medicare premiums will increase, as well, cutting into the increase for most recipients. Centers for Medicare and Medicaid Services (CMS) has announced the part B premium for most recipients will increase by $10.30 from $174.70…
3+ weeks ago -
Just when the Social Security Agency finally had a progressive, engaged commissioner in former mayor of Baltimore and governor of Maryland, he’s gone. Effective November 29th Martin O’Malley is resigning to run for chairman of the Democratic National Committee. Among other positive changes made during O’Malley’s all too brief tenure as commissioner was modification of…
a month+ ago
News
-
Summer 2021 Newsletter STILL STANDING…AND PRACTICING I published the first issue of Social Security & You in Spring of 1993. Some years I’ve published more issues than others. The most recent issue was dated Spring 2019: over 2 years ago. The world was a much different place then. Especially for me. Read the full newsletter…
3+ years ago -
Spring 2019 Newsletter An Opioid Story I’ve changed his name. Let’s call him Gerald. He was a laborer. And by that I don’t mean that he just did physical work. He was a card-carrying member the Labor’s Union local. And that meant a lot to him. I represented him for Social Security disability and Michigan…
5+ years ago
2013 SOCIAL SECURITY TRUSTEES REPORT
This year’s report of the Social Security Trustees was released on May 31, 2013. The Social Security Administration is comprised of 2 trust funds. The Old-Age and Survivors (OASI) Trust Fund covers retirement benefits. The Disability Insurance (DI) Trust Fund finances disability and ancillary benefits. The Funds have differing reserves.
Under current projections, the DI Trust Fund will be depleted in 2016. At that point benefits would be reduced 20%. The OASI Trust Fund will become insolvent in 2033.
The report stresses that the shortfall is occurring because of 3 factors. The first is demographic. The number of beneficiaries are growing as the number of tax paying workers is declining. Baby- boomers are aging and we haven’t reproduced, nor are our children reproducing, at the rates of our parents.
The second is that real per-capita payments are rising under current benefits formulas. There is a movement afoot to change the formula by which benefits and Cost Of Living Adjustments are calculated.
And the third is that program is financed on a pay-as-you-go basis, meaning benefits are paid mostly by contributions from the succeeding generation.
This is not the first time a shortfall crisis has arisen. In 1983 several measures were taken to address the crisis. Cost of Living Adjustments (COLA) payments were delayed 6 months, benefits were exposed to taxation for the first time, newly hired federal employees were brought into the system, the retirement age was raised and a previously enacted increase in the payroll tax was accelerated. The fix this time will require similar pain and creativity.
Call today if you have questions about the Michigan Social Security Disability Attorney and Lawyer Services provided by William Crawforth.
To schedule an appointment call 800-864-1244 or fill out the contact form at the top of this page.
