You’d be forgiven if you haven’t heard of the TRUST Act.
The Time to Rescue United States Trusts (TRUST) Act was a bipartisan bill introduced last October that would establish new commissions to oversee the solvency of major US trust fund programs that spend more than $20 billion annually and are projected to run out of money by 2035. In short, it’s a stop-gap measure to shore up these funds, simplify their systems and make sure they’re there for many generations past 2035.
Although it flew largely under the news cycle, this bill directly affects two of the largest federal programs: Social Security and Medicare.
Why the TRUST Act Matters Now
As Congress mulls over a second coronavirus relief package, there has been chatter on both sides of the aisle to incorporate some version of the TRUST Act into any new plan. The economic pressure of the pandemic will likely push Social Security’s insolvency date up significantly, potentially sometime in the next decade.
Beyond that, the billions of dollars spent on coronavirus relief is going to further push lawmakers to find places to make up the budget elsewhere and Social Security has been seen as one place they could look.
How the TRUST Act Could Affect You
As with the general global climate, there’s much uncertainty about how this bill could affect you financially or with benefits. It’s safe to say that there will be new rules and regulations implemented to extend and streamline the solvency of Social Security and Medicare and that could make it tougher to prove certain conditions for benefit approval.
If you’re considering applying for Social Security benefits, it’s worth talking about your individual situation with a qualified Social Security Disability attorney. Drew L. Johnson, P.C. is committed to answering your questions and working through these issues with you. Call (541) 434-6466 today to arrange a free initial consultation with one of our knowledgeable attorneys.