My parents stopped learning about finance and estate planning sometime around 1960. They paid for their house, kept the bills low, wrote a basic will and figured they would have about $70,000 in profit sharing plus social security to live on. Bases covered; right?
Oh, so wrong. Daddy retired early at 64 to care for my mother who had multiple physical and mental health issues. After a stroke at 67, my mother spent 14 months in a nursing home before her death. The nest egg was cut in half for the nursing home and several thousand more was spent on the burial.
Then my father – who was sure he would die in his mid-70s just like his parents – surprised himself and died a month shy of his 87th birthday. Need I say that when I took over his finances things were a bit of a mess?
A September, 2014 report on money and people with disabilities reported 30% of the disabled have a “very difficult time” making ends meet. The disabled are much less likely to have an emergency fund. The disabled are more likely to depend upon credit card loans and charging basic necessities. The credit cards the disabled can be approved for are usually the most expensive ones out there. Assistive devices are costly. It goes on and on and on.
Many of you are older and maybe discovering you could have done a little better planning. However, I know we have a fair number of younger people who have just been diagnosed and have a few good years to get their financial houses in order.
Consider this your wake-up call and never say I did not warn you.
I THINK – and that is a big think – we are OK. My only ‘big’ bill is from vacation. I have made sure we have an emergency fund. I have a will that contains some pretty good protections.
When my vision really went to hell in February I took part of my time off and went to see my new lawyer. (My crackerjack estate lawyer has retired! Sob!) We made sure the things I had in place were still in line with the laws. I would suggest you spend the money and do the same.
Why spend money on a high-priced lawyer? Well, let us just say my old estate lawyer saved me around $50,000 in taxes and fees when handling my father’s estate. I was thrilled.
In the meantime The Council for Disability Awareness has a site that will walk you through “Your Disability Security Plan” and might be helpful. They talk about keeping healthy and guide you towards sites that review other income sources like social security disability income. There are also some suggestions on budgeting and saving.
If you have served in your country’s armed services there are – at least in the USA – veterans’ benefits. I got Daddy’s home care aide, ‘Daddy daycare’ and transportation reimbursed by the Army. They also gave him his medications for free. Don’t forget to tap ‘Uncle Sugar’!
Right now, since I was caught flat-footed by the last drop in my vision, my husband and I are looking around the house and making note of the big-ticket repairs we might need to have done. Get some of that stuff out of the way while the getting is good. I would suggest you do the same.
Next: My wish list
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