With the oncoming 2024 Presidential elections, Social Security has become a strong contention. The budget proposal for 2024 has already been issued by the White House, which focuses on providing additional aid and welfare to Medicare and Social Security recipients. This proposal does not cut the benefits of presently active recipients, while by 2034, the SS Trust Fund is expected to be exhausted.
SSDI is expected to be changed due to the ongoing rise of inflation and will be a vital contention for Congress in the summer discussing the proposed budget. The SSDI Administration has increased the SSDI payments by 8.7% from the average due to the lingering inflation since 2022. 2023 has spiked the highest rise in payments compared to the Social Security provided in the 1980s.
Truadvise Wealth Management’s David Berns has lauded the government initiative stating that the 8.7% rise in Social Security payment amount in 2023 proves how aware the federal administration is about the status of inflation. He has also said that this investment is the only government-endorsed one which is suited for inflation. Compared to the last monthly Social Security payments of $1,681 the present amount has risen $146 to $1,827.
Joe Biden Strongly Protects Social Security
President Joe Biden has strongly endorsed SSDI in his proposal for the 2023 budget and will discard proposals on its reduction. Several bipartisan
lawmakers have proposed increasing the age of retirement to 70 while the present age of retirement is 66 to 67 years. This aims at reducing the benefit for a lifetime to 20% which would reduce the deficit of the reserved SSDI funds.
