Those who become unable to work due to serious disabilities can currently rely on Social Security Disability Insurance. Generally, if someone has worked long enough, paying into the system, he has often been able to count on SSD insurance if he stops working for a period of time due to a disability. Unfortunately, Social Security may have to change in order to remain a viable option for retirees, with Social Security Disability Insurance at risk of being cut or eliminated if the program is privatized.
While there are a range of differing and passionate opinions on social programs run by the federal government in America, there seems to be a broad consensus, particularly among seniors, that Social Security is one that would be tough to live without. For aging workers, Social Security is a kind of safety net that they've paid into all their lives so that it will be available when they reach retirement age. However, the Social Security program is currently headed towards long-term difficulty when it comes to making sure that this safety net will be there for those approaching retirement.
Social Security represents a sizable portion of the federal budget, around 20 percent, or $708 billion, in 2010, according to the Center on Budget and Policy Priorities, a nonprofit think tank. Unfortunately, with the dirge of baby boomers beginning to enter retirement, a significant increase in average lifespan since Social Security first became law, and fewer people paying into the system, Social Security faces insolvency in the near future.
Since proposals to privatize Social Security could potentially result in the elimination of SSD insurance altogether, individuals without private disability insurance may be at increasing risk if they become unable to work. According to an article in the Pittsburgh Post-Gazette, many people looking to cut costs and pinch pennies opt to drop existing disability coverage in order to save money. The current sluggish economy makes the choice to go without disability insurance seem like an easy one, but the decision may lead to serious consequences.
It may come as a surprise, but statistics released by the U.S. Census Bureau show that almost a fifth of all Americans will become unable to work for at least a year due to a disability before they reach age 65. Though people can sometimes rely on family and social networks during a sudden job loss in tough times, the current economy is pushing many families to the breaking point. Even if a disability is not permanent, being out of work for as little as a year could have far-reaching effects on families.
For these reasons, the present program, Social Security Disability, should continue in order to protect all workers from disability regardless of whether they can afford additional private insurance.
