Social Security disability lawyers have been cashing in on the rise of disability claims that have plagued the SSDI Program. In fact, they racked up an astounding $1.2 billion in fees 2013, almost three times as much as the $425 million they took in in 2010! The drastic rise in earned fees for Social Security disability lawyers comes in lockstep with the rise in payments by Social Security Disability Insurance over the last several years.
SSDI has been in place for decades to ensure income for those who are physically incapable of working. But how did Social Security disability lawyers get their hands on so much (roughly $4 for each resident of the U.S. last year) money? Each time attorneys place a client in the program, they receive fees from the government funded by taxpayers. The maximum they can receive is either $6,000 or 25% of the client’s SSDI Award (whichever is less). However, this only serves as incentive for lawyers to prompt clients to file disability claims. You can check out the full report right here.
The SSDI program has been a target of fraudulent claims recently, costing taxpayers billions of dollars. While many Social Security disability lawyers are putting through legitimate claims, the government has provided incentives to add as many new new successful claims into the system as they can.
The Social Security Administration is in awful shape, and for those of us under the age of 50, it is only going to get worse. We can expect to be forced to contribute more and more, while we will receive less and less. My upcoming book, which will be released in January of 2015 will outline the problems of Social Security in-depth, and in a way that most anyone, even those of us who are not politically astute can easily understand. It’s about time that we all demanded real change in the program, and my book and this site will outline a clear plan for all of us. Check back again later this week for my first video blog!