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Why A Financial Plan Is So Important For Addressing The Possibility Of Disability
Many people recognize that big factors in their life, such as what they want to achieve with estate planning, and their own retirement goals will influence their financial plan. But it can be a big mistake to neglect the possibility of disability. One in four US adults already lives with a disability.
This presents unique financial considerations that should all be incorporated into your financial plan. One study recently completed by fidelity identified that over half of caregivers of those loved ones who had disabilities did not have any time to prepare before assuming that responsibility. This can be overwhelming for the person with a disability who may not be able to handle all of these tasks on their own, as well as family members who may have never navigated this themselves either.
Understanding what government benefits are available, and creating a safety net in terms of current and future expenses, is very important.
One of the most important steps for supporting someone who has sustained a serious disability that makes them unable to work is to pursue Supplemental Security Income or Social Security Disability Insurance. Explore any government benefits that may be available at the city, county, state and federal level, such as health care support assistance for ongoing or chronic care needs, legal services and more. To incorporate the possibility of disability into your financial plan, contact our experienced team today.