Sumary of Social Security Weathered Covid-19, but Long-Term Challenges Remain:
- And new benefit claims for disability insurance, which typically jump when the economy is weak, declined for some groups as the Social Security Administration field offices remained closed..
- SHARE YOUR THOUGHTS What should the Biden administration do to address the looming insolvency of Social Security and Medicare?.
- Disability claims may also climb over the next year as the pandemic eases, the Social Security Administration has said..
- In April 2020, the Social Security trustees said the costs of the combined retiree and disability programs would exceed income in 2021, forcing them to begin drawing down reserves, which would be depleted by 2035..
- By November, the Social Security Administration released an update projecting the reserves would be exhausted in 2034, just one year earlier than forecast in April..
- Grace Kim, Social Security deputy commissioner for operations, told lawmakers in April that the pandemic has also made it difficult for disability applicants to access public transportation or schedule medical appointments necessary for submitting claims…