Many of us fail to consider the risk of becoming disabled before we reach retirement. Unfortunately, many Americans suffer short-term and long-term disabilities that can significantly impact their monthly expenses.
According to a recent report, an estimated 37 million Americans have a disability. Fifty-percent of these individuals are "working age." In addition to the number of people who already have disabilities, an estimated 25 percent of people age 20 will become disabled before they retire.
Men and women are at risk for becoming disabled, even if they are considered low risk. The report showed that women age 35 with low risk factors still have a 24 percent risk of having a short-term disability. Men age 35 with low risk factors have a 21 percent risk of having a short-term disability that lasts three months.
Many individuals who are initially diagnosed with a short-term disability end up being disabled for much longer. It is difficult to plan for disabilities, especially since every condition is different and may lead to further damage or treatment.
Disabilities can make it difficult to continue working, which can have a big impact on your household income. In addition to not being able to work, living with a disability can require costly medical expenses and care each month.
Individuals who have a disability can apply for Social Security disability benefits. SSDI benefits can help pay for monthly living expenses as well as medical treatment and care. The Social Security Administration has several requirements for applicants so it is best to work with an SSDI attorney when applying for benefits or if your claim has been denied.