Financial Planning With A Disability: How To Prepare For Your Senior Years

Planning for the future can be difficult at any age; it takes some research, as well as some hard decision-making that can lead to stress or anxiety if you aren’t careful. When it comes to making financial decisions that could affect you years from now, it’s important to make sure you have a well thought-out plan in order to prevent any nasty surprises down the road. For individuals living with a disability, it’s especially important to make sure you have a good idea of how you’ll pay for long-term care, healthcare that will keep you active and mobile, and everyday necessities post-retirement.

Fortunately, there are many things you can do to plan for your senior years when you’re living with a disability. Think about health and life insurance, setting a budget, and taking a look at your daily expenses now. Are there any changes you can make to your lifestyle that could positively affect your ability to save money or stay healthy in the future?

Keep reading for some great tips on how to prepare for your future as someone who is living with a disability.


Make some lifestyle changes now

There are many things you can do now to ensure that you won’t need to pay for costly hospital or assisted living stays later in life. Many individuals who are living with a disability need to focus on their daily health and mobility, but if you’re a smoker, are overweight, or drink alcohol often, it’s a good idea to reassess your lifestyle to see if there are ways you could be healthier. Not only will this help you feel better in the present, it could prevent many issues in the future.

Set a budget

A good budget will allow you to save money now and put aside a nest egg for your senior years. Sit down and think about your daily expenses and how they may change in the future. It may be a good idea to talk to your doctor to find out how your disability may affect you as you get older; for instance, you may need to change medications or attend physical therapy, and this will have an effect on your budget.

Consider final expense insurance

It can be a difficult topic to think about, but final expense insurance can be hugely beneficial in many ways. Not only does it help your loved ones pay for your final arrangements, it can also help them cover the cost of medical bills left behind in the event that you need a hospital stay. There are several different types of plans out there, so do some research before making a decision.


Look for the right life insurance plan

Life insurance is another topic that can be difficult to think about; on the one hand, it’s a good thing to make sure your loved ones will be taken care of in the event of your death, but it can be hard to think about them living without you. It’s important to choose the right plan for your needs, however, and to think about how it can help you in the future. Term life insurance plans eventually expire, and won’t pay out if you live beyond the end date. Whole life insurance plans will allow you to withdraw money early if you need a large sum at once (to cover medical expenses that Medicare doesn’t, for instance).

Financial planning with a disability means thinking about some difficult things, but keep in mind that it’s for your own benefit and for the benefit of your loved ones. Making sure you’re healthy and in good shape now can also help you prep for the future, so talk to your doctor about the best ways to get fit. With a good plan, you can figure out your senior years easily.


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