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