The Congressional Budget Office has provided an update on its projections for the Social Security Program. According to the update, it appears that Social Security is failing at a faster rate than the predictions from last year’s report. Over the next decade, Social Security spending is expected to double while the amount of disability claims rise. In order to save the program, taxes may have to be increased or benefits may be cut from the program.
After this projection was released by the Congressional Budget Office, a panel of CEOs provided suggestions to help protect the program. A few of these changes include raising the retirement age to 70, changing the benefit formulas, updating the way living adjustments are calculated and including state and local workers in the system. The program is currently in good health and if you are disabled and have been rejected for disability benefits, you should consider contacting a disability attorney.