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disability benefits

Disability Benefits at Retirement Age

What happens at full retirement age when you’ve been receiving disability benefits all along? Do you have options?

Social Security Eligibility

How many Social Security credits do you need in order to be eligible for retirement benefits? What about Social Security disability?

Facing the Possibility of Incapacity

Odds are significant that you may face incapacity at some point in your life. It’s a good idea to get your ducks in a row early on to address problems.

Income Replacement with Disability Insurance

Most individuals understand the need for traditional life insurance. It pays a death benefit in the event a loved one, such as a spouse, dies prematurely. The death benefit is there to provide income for expenses, and to fund future expenses such as college or the surviving spouse’s retirement. While not overlooked, a seldom though about income replacement tool is disability. Disability insurance should not be ignored, and arguably should be considered as a higher priority than life insurance. This is because statistically, an individual has a higher chance of becoming disabled, than dying prematurely. Especially if they’re young. Most disability policies are offered through an employer as benefit for employees. Typical policies provide 60-70% of income replacement in the event the covered employee becomes disabled. When initially getting disability insurance, it’s important to pay close attention to the definition of disability in the policy. This definition will determine whether […]

A Risk Management Checklist

Although many individuals have various risk management policies in place, sometimes those policies get brushed aside and every once in a while the dust needs to be wiped off of them and perhaps some updating needed. Here’s a checklist to consider the next time you review your risk management strategies. Auto Insurance – Review your coverage to make sure it’s still adequate. Liability limits of at least $250,000 should be the norm. Limits of $500,000 up to $1 million are better. If you drive an older car, consider raising your comp and collision deductibles or eliminating them altogether to save on premiums. Upside down on your car loan? Consider gap insurance. Better yet, don’t have a car loan. Home Insurance – Make sure your home is insured to its reconstruction cost. This is the cost to rebuild your home using today’s prices for materials, labor, etc. It is NOT the […]

Limits on Social Security Disability Coverage

When you leave full-time employment, there is a period of time after that when you will continue to be covered by Social Security for Disability Benefits.  Welcome to the 20/40 Rule. Image by The.Comedian via Flickr The 20/40 Rule If you have become disabled after you’ve left employment, you may be eligible for Disability Benefits – assuming that you’re under Full Retirement Age (FRA).  In a case such as this, if you have worked the required number of quarters to be eligible for Disability Benefits, the rule is that you must have worked 20 quarters out of the previous 40 quarters, earning at least the minimum. This is the 20/40 Rule.  The quarters don’t need to be consecutive, but it must be 20 out of the 40 quarters prior to the onset of the disability.  Another way to look at it is that for five years after you leave employment […]

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