Every parent wants their children to grow up and live an independent, fulfilling life. As a parent of a child with special needs, you know that your child’s life may have various hurdles that other kids do not face.
According to U.S. News, you may need to address your child’s needs and your retirement plan.
How will your child live if something happens to you?
When planning for retirement, you need to think about how your child can live a satisfying life without you. If something happens to you, will your child be alone? Adult children may have different ability levels. Some can function independently, but others may need 24-hour care. Create a plan as early as possible for what should happen. You may need to continue offering care throughout your retirement, so as you plan for retirement, you have to prepare for your child’s needs.
What type of income do you expect your child to have?
Many kids with special needs have limited ways to make an income for themselves. How much money you expect your child to make depends heavily on his or her abilities. While people with disabilities may be able to access help from SSDI, you also have to consider whether anything you leave your kids with will affect the help they receive. Setting up a trust can help your kids access your assets without impacting their eligibility for other types of funding.
You may also be able to create an account for the family to contribute to help your child if anything happens to you or when you have limited income during retirement.