The Social Security disability fund may not be able to make payments come 2017, according to a new analysis by the Congressional Budget Office (CBO).
About 13.6 million people receive federal disability benefits, according to the Associated Press. Reserved for people with a substantial work history, the average monthly payment for Social Security disability is about $927 a month. Last year, a total of $124 billion was paid in benefits.
To learn more about who qualifies for Social Security disability payments, and information about how the program works, visit The U.S. Social Security Administration’s website.
In other Social Security news:
Not sure when to file for your benefits? The AARP’s Social Security Benefits Calculator, can be a helpful tool as you plan for retirement. We recently took a closer look at the AARP’s new calculator service, as well as T. Rowe Price’s Retirement Income Calculator. For our rundown click here.
CBO’s 2011 Long-Term Budget Outlook [CBO]
Social Security Disability Payments May Cease in 2017 [DailyFinance]
A look at Social Security’s disability program [Associated Press]