More than ever, securing a knowledgeable SSI/SSD attorney is imperative to ensure your SSI income is not effected by the recent happenings with COVID-19.
From 2008, Social Security’s Trustees projected that the combined reserves of the administration would be depleted by 2041. Beyond 2012, that estimated date had been changed to 2033 as the economy worsened.
The 2008 housing crisis took a bad situation and made it worse but the current Coronavirus pandemic has only contributed to an already dismal state of affairs.
Currently, estimates for the retirement and disability (OASDI) trust funds depletion are being adjusted based on COVID-19 numbers. With COVID-19 as an influencer, 2028 is a new estimated date that suggests OASDI will be exhausted. Again, these are estimates and the truth is yet to be seen but the common question many people are asking is this: “Will I be able to collect social security in the future?”
Preparing to collect SSI/SSD is more important than ever and it may be a good idea to consult with an SSI/SSD attorney to make sure the process to begin collecting SSI/SSD is done correctly.