Financial planning is a big aspect of everyone’s life, especially as they get older. Sometimes it doesn’t matter how well you’ve planned, a physical disability can force you to alter your goals and change plans significantly. The problem with this is you can’t predict whether you’ll experience a cognitive disability or a physical disability in most cases, so you don’t know what to expect. Plans are meant to change in many ways, so being flexible and preparing for the worst is ideal. Here are some medical and financial planning tips to consider.
Consider End-Of-Life Financial Planning
As you get older, end-of-life planning becomes more critical. You don’t want to put yourself in a situation where you can’t afford the disability services and care you need to live a quality life. And you also don’t want to burden your family to have to support you financially. Many people think end-of-life planning is stressful or depressing to think about, but it’s actually easier than it sounds. Most of the time it just requires saving a little extra money now so you can live a more comfortable life later.
Find Cost-Effective Solutions To Help With Your Disability
If you have a physical disability that limits your ability to move freely, you may consider staying at an assisted living facility. But when you consider the cost of staying there, it hardly makes sense if you’re capable of living at home with other cost-effective solutions. You could hire caregivers who provide disability services to care for you in your home. You could also invest in mobility products to help you navigate your home safely. Things like a stair lift, lift chair, grab bars, wheelchair ramp, and other items are much more cost-effective than living in a nursing home or assisted living facility. And you can enjoy a higher quality of life aging in place at the same time.
Work With A Financial Advisor You Trust
Working with a financial advisor at some point can benefit your long-term finances. They can help you with different strategies to ensure you have the money you need at different points of your life. Whether it’s withdrawing money from retirement accounts early without penalties or creating an account specifically for medical expenses, everyone has unique financial needs. A financial advisor is obligated to work with your specific needs and provide the recommendations that produce the most ideal outcomes for you. When you find one you trust, work with them closely and ask questions periodically to ensure your financial goals are staying on track.
Next Day Access understands the cost of getting older and living with a physical disability can be excessive. We offer flexible financing to help you find the products you need without hurting your budget at the same time. Planning for the future can be challenging because of the uncertainty aspect, but as long as you’re flexible and can adapt to changing situations, you should be just fine. If there’s anything we can do to help you as you strive for independent living, contact us at any time. Like or Share if you enjoy reading our blog.
**We are not financial advisors. The content on this website is for educational purposes only and merely cite our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won’t experience any loss when investing. Always remember to make smart decisions and do your own research!