Is merging Social Security disability and retirement a good idea?
Terry Katz & Associates | May 21, 2015 | Last modified on July 27th, 2018 | Social Security Administration News
Most disability beneficiaries here in New York know by now that if Congress doesn’t take action now, the disability trust fund will run out sometime in 2016. This depletion of funds will result in a considerable cut to benefits for millions of Americans, which will put even more of a financial strain on individuals who are unable to work.
Although Republicans have suggested a budget cut to help save the trust for solvency, some across the nation couldn’t help but notice that it unfairly targets those with disabilities, making it an unpopular solution to say the least. Democrats, on the other hand, think they have a solution that will not only help people with disabilities, but it will help give Congress more time to come up with a better solution. The proposed fix: merge the Social Security retirement fund with the disability fund.
Is merging Social Security disability and retirement a good idea though, you may ask? To some, the answer is a resounding yes. Because Social Security retirement is considered to be better funded than the disability trust, the Social Security Administration can better address the needs of its beneficiaries without concern of whether it will have enough funding to do so over the next few years.
As the author of an article for The Week points out, merging the two funds makes sense when you boil each program down to its main purpose: to provide cash benefits to those who cannot participate in our market society.
Whatever the decision ends up being, there are likely a large number of our Nassau County readers who would like Congress to correct the funding issue sooner rather than later, especially because the cost of doing nothing will inevitably fall on the shoulders of Americans with disabilities who don’t deserve that burden.