The current trust fund which provides the money paid for SSI benefits is currently able to fund the program through 2034. The trust fund which funds SSDI benefits is currently able to support the program through 2022. We can expect both programs to continue on after these dates, but the amount of benefits that people actually receive will be reduced at that time in order to continue the programs unless something happens before then.
As of the 1st quarter of 2016, nearly 86,000 individuals are receiving some form of SSA benefits. Right now out 6.2% of income taxed which goes to SSA, only 1.185% is funneled into the SSDI trust fund. The rest of the money goes into a variety of other programs.
For example, a new bill passed in October 2015, allows SSA to hire more fraud investigators. The same bill allows the imposition of steeper penalties for people who are found to be guilty of fraud. This is good news because this was one woefully underfunded area of SSA. In fact, between June and December 2016, over 80,000 reports of fraud were received by SSA, but only 4,500 of those were investigated. In general, only about 44% of overpayments are ever recovered by SSA. This new bill should slow the loss of benefit payments to individuals who do not deserve them and will help keep the program solvent for the people that do.
