Everyone “knew” that disability applications were going up because of high unemployment rates, but here is a study that confirms the obvious: people need help.
…”Their research found that close to 10% of Americans between the ages of 50 and 65 who didn’t have access to at least $5,000 applied for Social Security disability benefits by the time their unemployment benefits were set to expire. The percent of this group seeking the benefits rose precipitously in the weeks leading up to the exhaustion of benefits, as it was below 1% with 50 weeks left in unemployment benefits.
“Jobless Americans in this age range who had access to at least $5,000 were much less likely to seek SSDI benefits at any point while collecting unemployment benefits.
“There has long been a relationship between unemployment rates and applications for disability benefits, with more Americans seeking entry into the program when it’s harder to find a job.” See full story here: