Social Security Administration Budget: An Overview
President Obama’s administration has made the Social Security Administration budget available on the Internet here. The entire federal budget and supporting documents can be found at this link. A review of the SSA budget reveals some interesting information.
It is the responsibility of the SSA to review disability claims; there is currently a backlog of disability reviews that determine ongoing payments for disability insurance and supplemental security income. Supporting documents claim every dollar the SSA spends (in the new budget) to review disability claims will save $11 in erroneous payments. The budget will support new positions that review claims to insure payments are made to individuals who qualify, thus preventing improper payments to those who do not. Additional personnel in new positions in the SSA will also enable a reduction in wait times and begin to cut some of the backlog.
The President campaigned on Social Security reform. Specifically he said he wanted to strengthen the safety net for future generations who would depend on SSA benefits. This budget is intended to increase productivity by 2% and enhance service to the public in the process.
Perhaps most encouraging to those not yet in the senior citizen stage of life is the proposal to offer workers the opportunity of ownership through voluntary personal retirement accounts. The budget proposes voluntary personal accounts funded by a portion of the worker’s Social Security payroll taxes. Account contributions will be capped at four percent of Social Security taxable earnings up to a $1,400 limit in 2013, increasing by $100 more than the average-wage growth each year through 2018. (http://www.whitehouse.gov/omb/budget/fy2009/ssa.html
Details of the SSA budget and supporting documents may be found on the above link. SCJ readers are encouraged to do their own research on budgetary issues via the many available Internet sites which provide documentation for the gamut of financial issues that effect the lives of seniors.