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Preparing For Your Financial Future When Living With A Disability

Preparing For Your Financial Future When Living With A Disability

Author: Cameron Ward

Living with a disability presents unique hurdles. Things other people take for granted, like finding a job, can be more difficult for disabled individuals who face barriers with technology or who encounter issues with mobility.

If you are living with a disability, planning for your financial future now is critical to ensure you’re well cared for in the years ahead.

Follow these 5 tips to better prepare for the months and years ahead.

1. Get A handle On Your Day-To-Day Financial Management

The first step in ensuring financial stability in the future is to get a handle on your money matters now.

Establish a budget in order to determine how much you need to live comfortably from month to month.

Take into account everything from food and entertainment to healthcare, such as physical therapy.

And your budget should also include setting aside funds to use in the event of an emergency.

2. Figure Out Ways To Pay For Assisted Living

Even if you don’t need any help and are currently fully independent, you may require assistance in the future.

Look into assisted living communities now so you can prepare. Assisted living offers many benefits, from help with cooking and bathing to social activities.

But assisted living can be pricey. That said, there are various ways to pay for assisted living.

One option is to self-insure. Another option is to buy long-term care insurance, though, according to AARP, a preexisting condition will require a certain amount of time to pass before the coverage can be accessed.

Coverage options and policy prices also vary depending on your age and health.

Also, put pen to paper and crunch some numbers to see if your home can be used to fund your future. Refinancing is one way to generate money, especially if your credit has improved and interest rates are low.

Other options include refinancing your mortgage to free up some money or the outright sale of your home, which may be a good strategy if you’ll be living in an assisted living facility from here on.

Whichever way you go with your home, be sure to consult with a lender about the costs and benefits of all options.

3. Look Into Your Insurance Options

There’s more than assisted living insurance to think about. Investing in a solid life insurance plan can help keep your family secure after you pass.

Check out multiple insurers before settling on a final option, but be aware that you may have to undergo a comprehensive health exam before they provide a contract.

Insurers use this information to figure out how much to charge you in terms of premiums.

Your disability doesn’t preclude you from purchasing life insurance, but your costs may be higher depending on your circumstances.

4. Consider Going Back To School

A good way to help prepare for your financial future is to set yourself up for an excellent career.

Although you may already have skills that can help you find a job, you could land a position that can help you adequately prepare for the future by heading back to school.

Getting an education doesn’t mean spending time in a physical classroom. Instead, many students from all walks of life have started earning degrees through online universities that offer many different courses.

Not only will you pick up skills you didn’t have, but you’ll also position yourself to earn more money than those who don’t already have a college degree.

Taking the above steps can help prepare you for a more secure financial future. This can also be rewarding mentally.

Knowing that you are in control of your cash and prepared for a self-sufficient future can put you more at ease and allow you to live your life to the fullest.

5. Set Up A Precious Metals IRA To Secure Your Retirement Savings

To ensure you’ll live a comfortable and worry-free life when it’s time to retire, you should consider opening a precious metals IRA as soon as possible.

Given the runaway inflation and the debasing of the dollar, it’s more important than ever to turn to tangible assets that will stand the test of time.

Gold and other metals have always been popular with investors, mainly because they stand outside the financial system and move in the opposite direction of inflation.

People who own physical gold have financial insurance that will appreciate when the fiat system depreciates. And the good news is that opening a precious metals IRA is a tax and penalty-free process.

For more details, you can read how to protect your retirement savings from a crash or check out HowToInvestGold.com’s list of the best gold IRA companies of 2022.

Disclaimer: The owner of this website is not licensed as an investment advisor and, accordingly, does not make any recommendations regarding clients’ personal investment portfolios. It is recommended that you carefully evaluate and research the risks and rewards associated with investing in alternative assets such as physical precious metals and cryptocurrencies before you make a purchase.

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