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If you’ve been living with a long-term illness like multiple sclerosis or have a high instance of Alzheimer’s in your family tree, planning for retirement is an even higher hurdle to jump. While no one can anticipate every eventuality, there are steps you can take to meet the challenge little by little instead of facing an impossible bound all at once.
Choose your Advisors Carefully
Find a financial planner or banker that understands your unique challenges and can speak to them directly. If you or a loved one is struggling with the onset of dementia, you’ll need a trustworthy person who is willing to explain things multiple times. For any debilitating disease, amenities like in-home care and life insurance will be increasingly important (and more costly) the further into retirement you journey.
Explore Government Benefits
Okay, this one might seem like a no-brainer, but really–do some research! No matter how much you trust your attorney or child, you will know your own best options. Both Social Security and Disability are affected by insurance specifics. If you’re able to delay taking Social Security despite your illness, you can cash in later in life to get more support when you might need it most.
Save By Spending Now
Pay off as much interest-accruing debt as possible while you still have a steady paycheck coming in. This includes your mortgage and car payment. If you’re lucky enough to own a home or car, establish a separate savings account to keep a cushion to repair those assets down the road. To help pad this savings account or pay off debt, you may consider selling a life insurance policy in a life settlement. If you have a policy you no longer want or need, it can net you a nice sum of money that can go a long way in paying down debt–or toward savings for times of need. Use our qualification calculator to see if it’s a good fit for you.
Location, Location, Location
Make sure you’re setting yourself up for long-term residence before mobility concerns arise. If you’re living in a multi-story home or have lots of nooks and crannies where you might tuck things and forget them, consider selling your home. Not only will you be able to find a more suitable venue for your retirement, you’ll relieve yourself of costs for upkeep and mortgage payments, or maybe even make some money in the process.
