Moving forward in 2016 requires some grasp of what the future holds. The Sullivan Law Office follows all of the latest legal developments related to Social Security in providing the residents of Kentucky with knowledgeable and experienced legal assistance in cases involving Social Security Disability, long-term disability, short-term disability, state retirement and workers’ compensation.
According to the programs’ trustees, little has changed regarding the financial outlook for Social Security and Medicare since last year. The coffers are “full” regarding the payment of full Social Security benefits until 2034, and Medicare benefits through 2028.
Both programs have always faced long-term financing challenges, especially in the last thirty years, but the system is certainly not going bankrupt as some have suggested. Even if the trust funds of both programs were to be depleted, Social Security could still pay about 75 percent of scheduled benefits, and Medicare 80 percent or more.
Of course, the aging of the population is the main reason for the projected growth in Social Security and Medicare. As baby boomers retire, the number of Americans 65 or older will grow by nearly 50 percent over the next twenty-five (25) years, which alone will raise Social Security spending from about 5 percent of gross domestic product (GDP) in 2016 to just over 6 percent in 2040. Medicare spending is expected to rise from 3.6 percent to 5.6 percent of GDP over the same period.
Working with an attorney that is experienced in Kentucky Social Security Disability cases ensures that you have the best chance of having your application for disability approved. If you have any questions or concerns about any kind of disability case, including Social Security Disability, long-term disability, short-term disability, state retirement and workers’ compensation, call the Sullivan Law Office today! Call 888-587-0228 or visit us online.