Disability: an Overlooked Threat to Retirement
Not everyone understands that filing for Social Security disability can take away from a person's retirement savings in the event of an unexpected accident or illness. "The responsibility for retirement funding has essentially shifted to the individual," says Robert Taylor, president of the CDA. "Unfortunately, most Americans just don't understand that their chances of becoming disabled are on the rise, putting their; and their families'; current and future financial lifestyle at risk. Most employees don't realize that if their income stops, so do contributions to their 401(k) plan."
There have been studies released recently that predict that three in 10 workers that step into the workplace today will experience an injury or illness that will prevent that person from working for a long period of time. These studies also note that the number of disabled workers has jumped from 35 percent since 2000 and that attribute this trend to an aging workforce. Six in 10 workers have never discussed how they would pay their bills during an income-limiting illness or injury. For any individual with questions regarding Social Security disability, contact the law offices of Kazmierczak Law for expert legal counsel today.