South Carolina Injury Attorneys
The Truth About Social Security Trust Funds

The Truth About Social Security Trust Funds

Social Security has been in the news a lot in recent times with politicians and lawmakers on both sides of the aisle expressing concern for the system’s health. However, a recent report released by the Social Security Administration itself has indicated that much of this concern may be misguided. Statistics in the report showed the system is actually prosperous and continues to offer financial security for millions of people in spite of policy shortcomings. In other words: the system is working.

The report, which specifically focused on Social Security trust funds, showed that the system acquired about $35 billion more than it paid out in the year 2016. One trust fund that performed particularly well was the Social Security Disability Insurance Trust Fund, which gained so much over the 2016 year that it’s now estimated that it will be able to pay benefits a full five years longer than the time specified in the Administration’s last report—through the end of 2028.

This comes at a time in which lawmakers continue to wonder about the financial health of the Social Security system and whether or not it can continue to be sustainable in the long term. The Baby Boomer generation is retiring, placing a large added burden on the system, and the substantial increase in people receiving social security benefits has made lawmakers concerned as to whether those paying into social security now can continue to fund the system in the future. This report appears to answer these questions with a resounding affirmation.

The Social Security funds were created by President Franklin D. Roosevelt in 1935 as a response to the financial instability caused by the Great Depression. The system, which provides a social “safety net” for American workers, has now been active for 82 years and collected approximately $20 trillion from payroll taxes while paying out approximately $17 trillion in benefits.

Can I Receive Social Security While on Workers’ Compensation?

Social security disability benefits are designed to help those who are injured on the job or sustain a work-related illness to care for themselves and their loved ones. While this may sound similar to workers’ compensation benefits, many people don’t realize that they could possibly receive benefits from both programs.

If you have been injured on the job, it’s strongly advised you file a workers’ compensation claim with the assistance of a Greenville workers’ compensation attorney. Through this program, you should be able to receive medical treatment benefits as well as lost income replacement if you miss work. When you are disabled, these benefits can extend for a long period of time, possibly even becoming permanent. However, these amount you can receive in benefits is limited.

If you also wish to apply for Social Security Disability benefits, you may be able to further supplement your income. However, your social security income is limited to no more than 80% of the amount you paid in when you were fully employed. Furthermore, the amount will be reduced through what is known as the “workers’ compensation offset.” Social Security calculates how much you are making through your workers’ compensation benefits, adds in your social security maximum limit (which is 80 percent of your average current earnings). If the result is higher than the maximum total benefit, then SSDI reduces your Social Security Disability benefits until it reaches the applicable limit. This limit stays in place until a worker reaches full retirement age, and can start receiving social security retirement benefits as opposed to disability.

If you want to know more about Social Security Disability and workers’ compensation benefits, the Greenville injury attorneys at Christian & Christian can help! With more than 95 years of collective experience, our firm has guided numerous clients to the successful and most desirable outcome for their situation after they have been hurt on the job. Since 1975, we have taken great pride in our tradition of excellence, both in our abilities to represent clients in and out of the courtroom as well as provide exceptional client service to guide them confidently and effectively to the best possible conclusion.

Let us assist you with your injury claim! Call Christian & Christian today by dialing 864.408.8890 for a confidential, no-risk case evaluation!

Contact Us Today!

All Consultations are Free and Confidential
    • Please enter your name.
    • This isn't a valid phone number.
    • Please enter your email address.
      This isn't a valid email address.
    • Please make a selection.
    • Please enter a message.
Click for live chat!