Knowing how to retire on disability can mean a lot for those injured and unable to work. When a medical situation or disability occurs, it impacts an employee and his inability to do the essential requirements of his job. Injury and Illness can cause catastrophic financial issues.
- Financial Security Weakened by an Injury. Information gained in recent years shows that over half of bankruptcies and foreclosures are happening because of a disability. While many people think that if they have health coverage they are protected, what they don't think about is the fact that they may or may not be able to work if they are injured or become disabled. This leaves no money for the household, not to mention car payments, medications, bills, and all other living expenses. When a medical condition messes with a person’s way of life, the greatest consequence always involves the financial security of the employee. If a medical condition or injury begins to control a person’s ability to perform the tasks of a job, it is important to consider all possible avenues, even disability retirement.
- Statistics on Disabled Workers. According to the National Medical Association, statistics show that 65 percent of Americans are barely making it paycheck to paycheck. If a disability were to occur, the bills would fall behind within a few weeks. Even though car, home and health insurance are standard for Americans, disability insurance is becoming more popular as well. Disability insurance can help weaken the financial impact of an injury, not to mention the worker’s family. In considering this option, it is important that the employee become ready with the knowledge needed to secure the financial future for him and his family.