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Would More Jobs Help Social Security?

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Social Security Check
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The following article by Valerie Rhea originally appeared on Quora. Valerie is a thirty-something PhD economist, former military pilot, with a law degree.

Would More Jobs Help Social Security?

Yes, higher employment (and higher wages, by the way) results in more inflows to the Social Security system. In 2024, the SSA spent about $60 billion more than it took in via payroll taxes. If US payrolls increased by about $500 billion – that’s about 1.75% of GDP – then instead of operating at a deficit, Social Security would have approximately broken even.

To realize $500 billion in increased payrolls, roughly 6 million average-paying jobs would need to be added. If we forget about population growth for a moment, that means expanding the US workforce participation rate by about 4% would do the trick. That would take us to a workforce participation rate of about 66%—levels last seen during the Bush administration.

Unfortunately, keeping Social Security solvent becomes increasingly difficult to keep up with because of the country’s demographics. Right now, an estimated 2.4 workers pay into Social Security for every person receiving benefits, down from about five workers per beneficiary in 1960. By 2050, the ratio is expected to fall below two workers per beneficiary. Further, during any period of inflation, COLA adjustments and so on force the cost of benefits to grow rapidly. Although every little bit helps, America just isn’t likely to grow our workforce fast enough to keep up with longer lifespans.

[Read more…] about Would More Jobs Help Social Security?

Work Injury? Short-Term Income Options While You Mend

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Unfortunately, Job injuries do happen. If you find yourself in this position, don’t fret; there are several options available to help supplement your income while you take time off from work to heal and mend. Let’s review some of these short-term options for supplemental income.

Workers’ Compensation

Work Injury - Leg Cast

If you are injured due to your job or workplace, you may be eligible for workers’ compensation benefits. Workers’ compensation is a federal program that provides money to employees who suffer on-the-job injuries or illnesses and death benefits to families in the event of a worker’s death related to their job. Workers’ compensation aims to provide financial aid and reimbursement for medical expenses so that an employee can focus on healing and recovery without worrying about basic needs such as shelter, food, and clothing.

Each state has its own laws regarding workers’ compensation eligibility criteria and benefit amounts. Contact your state’s Department of Labor or consult with an attorney specializing in workplace injury cases for more information about workers’ compensation benefits in your state.

Social Security Disability

Social Security administration

If your injury is expected to keep you out of work for a long period of time, you may be eligible for Social Security disability benefits. These benefits are designed to provide financial support when someone can no longer work due to a disability or illness that is expected to last for at least 12 months or result in death. [Read more…] about Work Injury? Short-Term Income Options While You Mend

Are You Eligible for Social Security Disability Benefits?

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If you are unable to work due to a disability, you may be eligible for Social Security Disability (SSD) Benefits. Like all government programs, there are very specific requirements you have to meet in order to be eligible for benefits. Plus, the application process for these benefits may be a bit daunting, but finding out if you qualify is worth the effort.

Eligibility for SSD Benefits

You must meet two basic criteria to be eligible for Social Security Disability benefits:

  • You must have a medical condition that meets the criteria of disability as defined by the Social Security Administration (SSA).
  • Your situation should have precluded you from working for about a year or be anticipated to bar you from working for over one year.

The medical condition must prevent you from engaging in “substantial gainful activity.” Work that pays over $1,070 monthly (or $1,800 if you are blind) is considered this. The SSA’s website has a list of disabling conditions, which includes:

  • Cancer
  • Muscular dystrophy
  • Amputation
  • Multiple sclerosis
  • Cerebral palsy
  • Arthritis, etc.

Depending on your age, you must also have worked and paid Social Security taxes for a certain number of years. For example, a 31-year-old must have worked for the previous ten years. People who become disabled before age 22 have a different work requirement; generally, they or a parent should have worked for a sufficient period to be eligible for benefits. [Read more…] about Are You Eligible for Social Security Disability Benefits?

Injured on the Job? 3 Things to Immediately Do

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Injuries on the job are common, but a severe injury may affect your ability to work for that day, for a week, or even for several years. In this case, you may be entitled to damages from medical bills and lost wages. It’s important to know what to do after sustaining a work injury – otherwise, you may not receive the benefits you deserve. Following the proper procedures will protect your rights as an employee, including your right to worker’s compensation. Here are three important things to do immediately after a workplace accident.

1) Report Your Job-Related Injury in a Timely Manner

If an accident happens at work, it’s best to report it to your employer immediately, if possible. Establishing the timeline early makes it easier to track your condition in case it worsens, allowing insurance companies to trace the injury back to the workplace accident. Many states also have a deadline for reporting your injury. A report to your employer will likely be required for you to receive worker’s compensation. Therefore, it’s in your best interest to make this your first step.

2) Get a Medical Evaluation

After getting injured on the job and reporting your injury to your employer, [Read more…] about Injured on the Job? 3 Things to Immediately Do

Is the Average Worker “Falling Behind”?

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Wages Up: But are Employees Better Off?

Is the Average Worker Falling Behind/The U.S. Bureau of Labor Statistics released its “Employment Cost Index” report on Friday, July 29th, for the second quarter of 2022.  According to this report, “Wages and salaries increased 5.3 percent for the 12-month period ending in June 2022… Benefit costs increased 4.8 percent over the year.”  This was on top of a 3.2 percent increase in wages for the 12-month period ending in June 2021.

In most recent years, this would be a good thing for employees, but with inflation currently running at over 9% for the year ending in June 2022, workers are actually losing 3.8% in purchasing power. (9.1% inflation minus 5.3% wage increase equals -3.8% purchasing power.) So the answer is that in 2022 workers are NOT better off.

Annual Inflation was 5.4% in June of 2021, so a 3.2% increase in wages left workers 2.2% in the hole last year as well.

The following table shows the annual increase in Total Civilian Compensation (i.e. Wages & Benefits) each June compared to the inflation rate for that year. [Read more…] about Is the Average Worker “Falling Behind”?

Practical Resources for Migrant Workers in the U.S.

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There is a big difference between “Legal” and Illegal” immigrants although the media of late has tended to blur the distinction. Legal immigrants are in the country legally and have filed the proper paperwork with the government. Legal immigrants may or may not have the right to work in the U.S. either on a short-term or permanent work permit.

Illegal immigrants, on the other hand,  are in the country illegally, either through overstaying their Visas or crossing the border illegally. Illegal immigrants never have the right to work in the U.S. but often do so “under the table” or via other illegal activities.   Because of their lack of legal status, illegal immigrants may be taken advantage of by employers, landlords, and criminal organizations.

In the following article, we will assume that the migrant workers are in the U.S. legally.~Tim McMahon, editor

Migrant Worker Resources:

Migrant WorkersMigrant workers are valuable contributors to American society, filling jobs, supporting the economy, and contributing to the melting pot that is the U.S. Unfortunately, migrants are often overlooked and unable to access basic resources that many Americans take for granted. This resource digest provides a roundup of tools to help migrants in the U.S. [Read more…] about Practical Resources for Migrant Workers in the U.S.

Save Money by Getting Disability Insurance Through Your Work

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When you think of insurance through your employer, you typically think about health insurance. However, according to the Bureau of Labor Statistics (BLS), there is a growing trend for employers to offer other types of insurance as well. One of those is disability insurance. In this table (although dated) provided by the BLS, we can see that both long-term and short-term disability insurance coverage has increased over the years.

Disability Insurance

As the name implies, short-term disability plans are designed to replace lost wages for a short, fixed amount of time. Ninety-three percent of private industry workers are covered by a short-term plan. Generally, coverage is about 26 weeks.

If you are among the lucky ones whose employers offer the opportunity to have disability insurance here are some reasons why you should take them up on their offer. [Read more…] about Save Money by Getting Disability Insurance Through Your Work

4 Major Costs of Workplace Injuries to Include in Your Claim

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Being involved in a workplace injury or accident can be one of the most difficult experiences for a person to go through. Not only is it stressful emotionally and physically but a workplace injury often involves financial hardship as well. Although worker’s compensation claims help to relieve some of that financial hardship, the fact is that your employer and their insurance company are not on your side. Thus the following includes four major costs of job site injuries to make sure that you include within your claim.

Medical Bills

The most obvious recommendation a job site accident lawyer will give you is to make sure that you are seeking medical attention for your injuries. Not only are your medical documents needed to prove the severity of your accident, but your health should always come first before anything else. However, because of the complexity of healthcare, it can be easy to forget to add some major medical costs to your claim.

Workplace Injury and Lost Wages

Even if your workplace injury isn’t too severe, many employers will [Read more…] about 4 Major Costs of Workplace Injuries to Include in Your Claim

Denied Workers’ Comp: How to Get the Money You Deserve

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Being injured at your place of work can be a terrifying and painful experience. Even worse for many is that it could prevent your ability to continue working to support your family. It is widely understood that workers’ compensation exists to pay injured workers for lost wages and medical bills due to workplace injury. In many cases, it also prevents workers from suing their employers directly.

However, what happens when workers’ compensation fails to pay what you are owed? Here’s what you should do when you have been denied by workers’ comp.

Determine Why It Was Denied

In most cases, why you were denied workers’ compensation income should be explained in the denial letter. Finding out the reason why is important because the decision may have been made in error. In certain cases, your employer may have actually lied. For example, your employer may say your injury was the result of horseplay when that was not the case.

Collect and Retain Evidence

Disputing the claims made by a [Read more…] about Denied Workers’ Comp: How to Get the Money You Deserve

Dealing With Temporary Disability After a Workplace Injury

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Since 1970, workplace deaths have been reduced by more than 60%, and occupational injuries have declined by 40%.

Although workplaces are safer than ever before, many jobs still carry a significant risk of injury and even death. After experiencing an injury on the job, many workers become temporarily disabled and unfit to work.

This type of sidelining from the job can cause a number of hardships. Many people find making ends meet difficult, especially if they have families, and mental health is frequently also negatively impacted. Here is a quick guide on strategies that can help you recover faster and get your life back on track.

Mental Health

Understanding why many injured workers slip into depression is easy. Unable to work, with nothing to occupy their time, workers often fall into the trap of repetitive thinking, obsessive thoughts, deflated morale, and lower self-confidence. Staying connected with friends and family is crucial for maintaining your mental health throughout the recovery process. In addition, many professional therapists specialize in treating injured workers who are experiencing a difficult recovery.

Stay on Top of Physical Therapy

For the fastest, most complete recovery possible, consult with a physical therapist who is trained to help patients with your particular injury. A good physical therapy regimen is medically proven to improve results by restoring your function closer to what it was prior to the accident than without the therapy. [Read more…] about Dealing With Temporary Disability After a Workplace Injury