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How to save for retirement when you have a disabled child

All responsible parents want what is best for their children. For those with able-bodied kids, that usually means doing what is necessary to put them in a position to be independent, self-sufficient adults.

But many children with serious disabilities will never be able to earn an income or otherwise provide for themselves financially. They will likely depend on their parents to pay for their needs.

No parent in this position wants to deprive their children of anything, but the parent may also hope to retire from work someday. How can parents prepare for retirement while also ensuring that their disabled children’s future is secure?

An article in U.S. News and World Report provides some tips for parents in this situation. Here is our summary:

1. Make sure your child gets all the disability benefits to which he or she is entitled. For instance, he or she may qualify for Supplemental Security Income for the rest of his or her life. He or she may also qualify for retirement benefits based on your or your spouse’s work records.

2. Take your child’s expenses into account when calculating how much money you will need every year in retirement.

3. Instead of term life insurance, consider a permanent life insurance or whole life insurance policy, as long as you will be able to afford the premiums during retirement.

4. Consider putting your property into a trust, with your child as the beneficiary, and keep your will up to date.

A Social Security Disability attorney can help parents make sure their children are getting the benefits they deserve.

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