Part 1: 4 steps to handling personal finances when a disability occurs

Apr 23, 2012 | Social Security Benefits, Social Security Disability Insurance

Expert SSD Lawyers at Newlin Disability


Planning for a life-altering disability isn’t always at the top of the priority list. But, when you’re diagnosed with a disabling condition, you just might need a plan.

According to Market Watch, here are the first two of four steps that people with serious health conditions should take:

(1) Develop a financial plan. Establish a budget and prioritize expenses. Figure out how to spend down your assets in the least harmful ways because using retirement income may trigger penalties, and charging to credit cards ultimately adds financial charges.

(2) Cut costs and identify sources of assistance for living expenses. Quickly cut discretionary spending and look at how you can reduce costs for necessary expenses, such as groceries, housing, utilities, and healthcare. The most common assistance programs that people used while waiting for Social Securiy Disability Insurance include the following: food stamps, prescription drug assistance, Medicaid, utility assistance, food pantry, free health clinics, and rent assistance.

Part 2 of this blog on Wednesday will cover two more steps for handling your personal finances if a disability occurs.

This information is not intended as a substitute for legal or other professional services. You  may want to seek expert assistance before making any decisions that may affect your personal financial situation.

Read more.

If you or someone you know needs help with Social Security Disability benefits, contact the Social Security Disability lawyers at Newlin Disability.

Free Case Evaluation

If you’re navigating the complexities of Social Security disability claims, Newlin Disability is here to provide expert guidance and support. Reach out to our experienced team today, and let us help you understand your options, streamline the application process, and maximize your chances of receiving the benefits you deserve.