Monthly Archives: April 2011

Raise Income Gap, Fix Social Security Budget?

According to Care 2, the debt ceiling and the budget funding debate continue, with talk about possible cuts to the Social Security program. Both Republicans and Democrats have expressed their wishes to reform Social Security’s entitlement program. Although the fund itself is stable enough to pay out disability benefits to Americans, it needs reform in order to remain solvent. Republicans have called for privatization and cut backs in the program, while Democrats have suggested raising the retirement age to save funds. Another discussion about Social Security includes adjusting the cap on how much income can be taxed. The President is backing this idea, suggesting that those making millions should pay more in taxes. The nation’s millionaires and billionaires enjoy tax cuts, while the rest continue to pay in based on their net income. Take for example the nation’s billionaire, Warren Bufffet. The billionaire investor spoke to a crowd of college…
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Is Work History Reason for Your Social Security Disability Denial?

According to the Social Security Administration, about three in ten applicants for Social Security Disability Insurance are denied benefits for non-medical reasons. The most technical, non-medical reason for initial denial of a claim is lack of work history documentation needed for eligibility. Your disability representative can help you avoid these paperwork errors by collecting work history data and detailing all of your previous responsibilities. Work history is an important factor in SSDI applications, as it can make a difference in qualifying for disability based on the type of work you’ve done in your past and how it will affect eligibility for SSDI benefits. Most importantly, you must have worked long enough and recently enough to be eligible to apply for SSDI. Recent SSA data in the Annual Statistical Report on SSDI showed that more than 700,000 technical denials were issued in 2008. The federally mandated insurance program that taxpayers and…
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Social Security Trust and Disability Insurance Funds

According to the Congress FAQ, anyone born in 1929 or later needs to have worked for 10 years to be eligible for benefits through Social Security. In order to qualify, a person must have earned 40 credits. A worker earns one credit for every $1,120 in earnings, or up to a maximum of four credits per year. The Social Security Administration keeps track of credits and sends a yearly statement with an individual’s benefit qualifications and earnings. Additionally, the Social Security Trust Fund receives payroll taxes and splits them into two separate trust funds, one for the Old-Age and Survivors Insurance and one for Disability Insurance funds. Social Security Disability Insurance is available to all individuals who are unable to work due to total disability, due to injuries or medical reasons. The Administration determines if a disability applicant meets the requirements and definition of disabled. The eligibility process looks if…
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Will Baby Boomers Affect Social Security?

According to the Washington Post, a stampede of Baby Boomers will start in 2011, which means they will soon be tapping Social Security fund benefits. The first wave of Baby Boomers begins turning 65 this year. Any individual working and paying Social Security taxes can earn up to four credits per year based on net income. Social Security is more than a retirement program, it also offers Baby Boomers and others disability benefits in case they are left unable to work. January 2011 officially started the Era of the Golden Boomers, a term coined for the generation that is set to retire. A flood of individuals tapping into the Social Security benefits could deplete the fund, critics argue. President Obama has suggested raising the retirement age. He is not the only one pushing for such a reform, GOP senators have asked the retirement age be pushed to 70. Senators Lindsey…
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