It isn't wise to depend completely on Social Security in the event of a disability, for two reasons. First, Social Security is uncertain. You may find yourself unable to continue in your job, yet not meeting the qualifications for SSDI benefits. Second, Social Security is very slow. You may wait months or even years to get approved and draw your first benefit check. There must be a plan to survive during that long wait.
What are some other pieces of the plan that should be in place?
I often see the devastating results of individuals who have no disability survival plan, and depend entirely on Social Security for their financial salvation. This usually puts individuals into very severe financial crisis. People sometimes lose their homes (some even become homeless), become unable to get medical care and afford even the basic necessities of life while waiting on Social Security to approve their claim. You need to understand that a wait of 18 to 24 months with Social Security is not the exception, it is the norm. You must have some other resources to help you survive until Social Security acts.
I encourage everyone reading this to sit down and think about a disability survival plan. Social Security alone simply is not the answer. Consider savings, other disability insurance policies and other resources that may give you a lifeline or safety net.
Disability often strikes suddenly and without warning. But it can be planned for. You insure your home, your autos, your furniture and probably your life. Have you taken any steps to insure your income?
What are some other pieces of the plan that should be in place?
- SAVINGS. There should be an emergency saving fund that will cover basic household expenses for at least 1 year. Enough for mortgage or rent, food, utilities, etc.
- OTHER INSURANCE. If your current employer offers a group disability insurance plan, be sure you are covered. This is the best source of income while you wait for Social Security to decide if you qualify for SSDI benefits. A group disability plan is usually designed to fill in the gaps while you try to get Social Security benefits approved. The plan may be paid for entirely by your employer, or you and the employer may share in the costs. Either way, it is generally an affordable plan to protect your family during a long-term disability.
I often see the devastating results of individuals who have no disability survival plan, and depend entirely on Social Security for their financial salvation. This usually puts individuals into very severe financial crisis. People sometimes lose their homes (some even become homeless), become unable to get medical care and afford even the basic necessities of life while waiting on Social Security to approve their claim. You need to understand that a wait of 18 to 24 months with Social Security is not the exception, it is the norm. You must have some other resources to help you survive until Social Security acts.
I encourage everyone reading this to sit down and think about a disability survival plan. Social Security alone simply is not the answer. Consider savings, other disability insurance policies and other resources that may give you a lifeline or safety net.
Disability often strikes suddenly and without warning. But it can be planned for. You insure your home, your autos, your furniture and probably your life. Have you taken any steps to insure your income?
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