President Obama appointed Carolyn Watts Colvin as the official Social Security Administration commissioner who will be in charge of managing the agency’s ominous financial problems, the San Antonio Express-News reported on June 20.
If the SSA continues on its current path, funds for retirement benefits will dry up by 2033, leaving just enough money to pay 75% of benefits. Currently, the agency has been paying out more claims and benefits than it collects in tax revenue. Recipients of disability and retirement benefits have both increased greatly in the past ten years. Currently, 47 million collect retirement benefits, while 11 million receive disability benefits.
The Social Security disability program extends monetary benefits to those prevented by disabilities from making a living. This stipend is often essential to the livelihood of a disabled person and his or her family. Call our attorneys at the Chris Mayo Law Firm in San Antonio at (210) 899-5440, so we can help you file your claim.