Financial Planning for the Future: Tips for Individuals with Disabilities

Planning for the future can be a stressful endeavor, but it’s absolutely necessary these days if you want to ensure that you are well taken care of down the road. There may be health issues and medical bills, rising insurance costs, and home maintenance to think about, and for individuals with disabilities, there is also the possibility of long-term care. Knowing that you’ve prepared as much as possible for anything life might bring will give you peace of mind and reduce the stress that comes with such planning. But how do you get started?

It’s important to look at your current cost of living and figure out where you might be able to start saving money. The details are key, especially if you don’t already have a large amount in savings to give you a running start. You might also talk with a financial consultant who can help you find the best ways to get some cash flow. Set a budget, and take a look at your assets to get an idea of what you already have under your belt.

Keep reading for some great tips on how to start financial planning for the future.

Consider a Reverse Mortgage

A reverse mortgage allows you to borrow money from your lender against your home’s value, so it’s a viable option if you have lived in your home for many years and have a good amount of equity in it. There are pros and cons to this path, so it’s important to have a very good idea of how the process works before you make a decision. There are several reverse mortgage options available, so finding one that meets your needs is imperative.

Create a Budget

Creating a budget is essential for financial planning since it will allow you to take a close look at both your income sources and your expenditures. Having a good grasp on what you spend your money on — and how much of a difference there is between how much you bring in and how much goes out — will be necessary to figure out where to begin when it comes to paying for future expenses. It’s important to create a budget that will be easy to stick to; don’t cut back on everything at once, as this may not be a realistic option.

Know Your Employer Options

There are many options for individuals with disabilities when it comes to not being able to work; from sick pay to disability insurance, there are plans in place for those who find themselves unable to physically continue to work. Read up on your company’s employment rights and rules to get an idea of what you might face if you are suddenly unable to continue the same job.

Get Help

If your family is classified as low income, there are several programs put into place that can help you pay for everything from your medical bills to your groceries. It’s important to know what these programs are and how to qualify for them; even if you don’t need them now, you may in the future. You can start here for an idea of what may be available to you.

Planning for your financial future is essential because it allows you to remain independent even if you are unable to work, or if your employment needs change. Talk to your family members so that everyone is on the same page when it comes to saving and spending, and start creating a good plan that will help you feel in control and give you peace of mind.

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Tags: Disabilities, Financial Planning, Money