If you become disabled, will your retirement be at risk?
The Council for Disability Awareness (CDA) issued a study in June showing that more and more workers who become disabled have used their retirement savings to cover expenses caused by the disability.
With foreclosures across the country driving down the value of homes, little equity is available in a home to help someone who has been injured tide themselves over until disability coverage kicks in. Statistics show that one in 10 workers entering the workforce today will become disabled before retiring. It is an often overlooked threat to long-term financial security, according to CDA.
Becoming disabled can limit your ability to earn. Failing to plan for disability can leave you to rely on the Social Security Administration for disability income, which on average is less than a $1,000 a month. According to a 2007 CDA survey, six in 10 workers do not know how they would manage an income-limiting disability.
American workers have been required to take on more responsibility for their own personal financial wellbeing, as many companies look to cut costs. The study suggests that most are not planning accordingly. Planning for your future should include insurance coverage designed to provide for your needs should you become disabled.
If you are already facing financial problems because of a disability, you may need an attorney to help fight for the benefits you deserve from Social Security. Contact an experienced attorney through SocialSecurityHome.com.