As many of our readers here in Texas have already heard, the government is scrambling to put together a budget that will save the Old-Age and Survivors Insurance Trust Fund from running out in 2016. Although the federal government assures that it will be able to pay out a majority of benefits to the million of Americans currently on the system, they warn that they will be doing so at a 20 percent reduction, meaning less money in the pockets of disabled workers across the nation.
While many across the nation, including some here in Texas, argue over what is ultimately fueling the sharp increase in beneficiaries receiving disability benefits and Supplemental Security Income, few are talking about what beneficiaries should do to prevent their own financial crisis.
It's an important information such as this that we wanted to give to readers of our blog this week. The first thing to consider is the state of your own finances. Have you considered you total monthly spending and written up a budget? Do you have accessible savings accounts? Now would be a good time to speak to an estate planner or financial expert who can help you determine if a Special Needs Trust may be a viable option.
Although most companies are changing their qualifications for jobs, there are still some companies that are making exceptions for people with disabilities. This could be incredibly helpful for those who may still be considered disabled but are able enough to work as well. It's important to remember too that federal and state laws here in Texas prevent an employer from discriminating against someone because of their disability, which includes the hiring phase of employment as well.
While some are confident that the government will avert disaster by coming up with a new budget plan, others are still skeptical. In the event that the latter of the two groups are correct, then a financial safety net such as the ones mentioned above could mean the difference between financial security and hard times down the road.
Source: The New York Post, "Disabled Fund," John Aidan Byrne, June 9, 2013