Aging Options

Planning for disability so it doesn't ruin your retirement plans

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Many Americans plan to keep working as long as possible or plan not to retire at all but something happens on the way to achieving that goal.  About 43 percent claim earlier than they expected to claim according to a Mature Market Institute study on the oldest boomers.  Of those that did, 32 percent retired early due to health related reasons.   Yet, while professionals help families prepare for many other financial and insurance needs, few address plans for if a worker becomes disable.   According to the Social Security Administration, about 25 percent of today’s 20 year olds will become disabled before they reach 67 years old but 69 percent of workers don’t insure against disability and those policies even if purchased stop paying benefits once you reach retirement age regardless of whether or not or even when the policy holder planned on retiring.  The disability system, according to this article, hasn’t changed with the times.  A study in 2010 by Northwestern Mutual found that a 50 year-old with a two year disability can see a 30 percent reduction in their total investment accumulation by the time they reach 65.  This article addresses what to look for in a policy.  So, what are you doing to protect yourself against becoming disabled?

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