Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Retirement Planning > Social Security

Reason 1,023 for offering disability insurance

By John Sullivan

X
Your article was successfully shared with the contacts you provided.

We’ve all known about the probability of needing, and using DI. Now there are more hard numbers to back it up.

The Associated Press reports Social Security officials say they expect an even larger spike in new disability claims than they had expected, as aging, injured baby boomers tumble out of the work force and need income.

According to the wire service, officials estimate they’ll receive 3.3 million new disability claims over the next year, up from their previous estimate of 3 million projected just five months ago.

“The wave of new applications comes just as officials were making progress in curbing a massive backlog of disability appeals cases, which has plagued the agency for years,” the AP writes. “Also adding to the problem are recent moves in at least 10 states to furlough hundreds of employees that process initial benefit claims.

“Since October, the number of people waiting to have a claim processed has jumped a stunning 30 percent, from about 556,000 eight months ago to more than 736,000 in July.”

“We’re going to be moving backwards this year, the question is how much,” Social Security Commissioner Michael Astrue said in an interview. “The trend line isn’t good.”

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.