TUESDAY, AUGUST 2, 2016
WHAT PEOPLE THINK
When it comes to thinking about disability and its financial impact, most people just haven’t really thought about it. The Council for Disability Awareness studied workers’ perceptions of disability and how prepared they are to deal with a loss of income. Here’s what they found:
Most working Americans think their own chances of experiencing a long-term disability are lower than the average workers.
36 percent of those in their 20s said their primary source to replace lost income would be sick leave and vacation benefits, but were unsure how much it would really cover.
65 percent admitted they couldn’t survive an income loss for more than a year, but didn’t have a clear plan on how they would get by.
LEARN THE TRUTH
Maybe you’ve never thought about your income this way, but it’s your most valuable asset. It helps pay bills, living expenses, and insurance. It’s spent on recreation, vacations, education. It helps build up savings and contributes to retirement plans. And, your income is used for so many things in between! Your lifestyle, financial plans, everything you work for depends on your ability to earn an income. That’s why it’s important to know the facts about disabilities and what you can do to protect your income.
TRUTH IS:
Most disabilities don’t happen at work and more than 90 percent are caused by illness, not injury.
Social Security Disability Insurance may not be there when you need it. More than 65 percent of initial benefit applications were
denied in 2012.
The facts alone don’t tell the whole story. A disabling injury or illness may have a very personal impact on you and your family. Suddenly, the future seems unpredictable, the calendar changes and immediate concerns are the focus. Recovery becomes the “new normal.” At a time like this, when life feels off track, it can make all the difference to know the bills can be paid; that you have a way to keep it going. People look forward to payday!
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