4 Strategies To A Financially Stable Disability

4 Strategies To A Financially Stable Disability

October 16, 2020

4 Ways to a Financially Stable and Healthy Future When You Have a Disability

Financial planning for the future can be a challenging undertaking, but it’s particularly complex for people with disabilities. However, this becomes mandatory as the necessity to provide for one’s special needs increases as time progresses. So if you are finding yourself in this situation, know that there are several ways to pursue financial independence. Here are a few things you can do to stay relatively self-sufficient financially and, in turn, be adequately cared for as you go through life.

Know your benefits.

It’s worth noting that there is a fair amount of financial support and assistance put in place by the federal government. These programs are devoted to helping persons with disabilities in matters of housing, healthcare and emotional support, and even taxes—to name just a few. The Social Security Administration (SSA) alone has some very comprehensive programs that pay out disability benefits, such as Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).

It’s a good idea, therefore, to really do your due diligence and find out which programs you are eligible for. This way, you not only ensure that you receive the right stipends but also see to it that your medical, mobility and even mental health needs are sufficiently provided for.

Rethink work opportunities

If your special needs make commuting to and working in an office difficult, it’s time to explore remote work opportunities. There are many jobs that can easily be done at home, and it’s easier than ever to connect with businesses looking to hire qualified professionals for remote work. These businesses have a need for experts in accounting, web development, marketing, customer service, and much more.

Invest wisely.

No doubt, one of the best ways to ensure that your financial future is a bright one is by making sound investments. If you have a disability, you can definitely benefit from special savings and investment plans that are, again, designed with your needs in mind.

One such program is the Achieving a Better Life Experience (ABLE) savings program. Recognized to be a real game-changer, ABLE accounts are state-sponsored and allow disabled people to put away a maximum of $100,000 without sacrificing other government benefits. Best of all, it’s a completely tax-free program, so you have the opportunity to grow your hard-earned money exponentially for your future needs.

To pursue your financial future, you’re best off discussing your options with a trusted financial advisor. the experienced advisors at Beacon Wealth can help you identify and pursue your financial goals, all while carefully considering your tolerance for risk.

Purchase life insurance.

Now, it’s a well-known fact that few things can take care of your family in the face of the unexpected as efficiently as life insurance. The right policy will undoubtedly be a huge help in covering medical bills, funeral costs, and the like. However, it’s no simple matter to purchase life insurance when you are disabled. While this doesn’t mean that you will be denied coverage, it can prove to be extra challenging.

It’s important, therefore, to do your research in order to find providers that will accommodate your specific condition. Thankfully, this is a process made easier these days with numerous resources like online calculators, which you can use to compare rates and providers, determine the coverage you need, and even buy life insurance—all without having to leave your home.

Suffice it to say, your disability should not impede you from making sound financial decisions. Rather, it should be a motivation, with the future of your finances and well-being at stake. So heed these tips for your peace of mind relies heavily on them.

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