Disability Insurance Program Running Low in Funds

A new government report says the Social Security’s Disability Insurance Trust Fund will be depleted in only two years, according to AccountingToday.com.

The report, from the Social Security and Medicare Boards of Trustees, found that Social Security’s retirement and disability programs, combined, have dedicated resources sufficient to cover benefits until 2033. However, the projected depletion date for the separate Social Security’s Disability Insurance Trust Fund is in late 2016.

The Treasury Department noted that the Medicare Hospital Insurance Trust Fund will have sufficient funds to cover its obligations until 2030.

Afterward, annual revenues from the dedicated payroll tax will be sufficient to fund three-quarters of scheduled benefits through 2088.

The Treasury warned that Congress must enact legislation to address the imbalance. S