The Social Security Administration (SSA) tells us that a 20-year-old worker has about three in 10 chances of suffering a disability before reaching retirement age. That’s why it’s important for people to plan financially for a disability while they are still working, according to The Wall Street Journal.
The Journal suggests that, ideally:
(1) Consider long-term disability (LTD) coverage. “If your employer offers long-term disability coverage, consider enrolling,” a personal financial planning director advised.
According to the U.S. Bureau of Labor Statistics, 32 percent of private industry workers have access to LTD coverage. It is important to understand the policy details because length of coverage, extent of disability, and other factors can vary widely.
Of course, individuals also can purchase a long-term disability policy on their own.
(2) Save for a possible disability while you’re working.
Many illnesses and disabilities progress over time. In fact, the SSA reports that the most common diagnosis for workers receiving Social Security Disability Insurance are diseases of the musculoskeletal system and connective tissue.
Also common are mental disorders and disorders of the nervous system and sense organs.
Regardless of the preparation that you are doing or may have done for a disability, you may need legal or professional help before making any decisions that may affect your situation.
If you or someone you know needs help with Social Security Disability benefits, contact the Social SecurityDisability lawyers at Fleschner, Stark, Tanoos & Newlin.