The 2014 Board of Trustees report for the Social Security and Medicare Trust Funds was released on July 28, 2014. The report concludes that even if no further Congressional action is taken, the combined Social Security Trust Funds will be able to pay 100% of scheduled benefits until 2033! After the year 2033, even without further funding changes, benefits would still be payable at the rate of 77% using incoming payroll tax revenue. However, the Report concluded that the need to remedy the Disability Insurance Trust Fund is more immediate, with depletion of the reserves projected to occur in 2016, the same year as found in the 2013 report.
It was the opinion of the Trustees, that the most propitious manner to remedy the project shortfall in the Disability Insurance Trust Fund, is by joint consideration of the payroll tax for both employees and employers. While legally separate, the trust funds are usually considered together. Thus, an imbalance between the payroll tax paid by employers v. employees needs to be rebalanced.
Social Security Disability Attorney Randy Zeldin, Esq. represents claimants in Ft. Lauderdale; Boca Raton; Delray Beach and West Palm Beach.