Parenting with a Disability
IMPORTANT STEPS TO TAKE FOR YOUR FAMILY’S PROTECTION
Image Credit: Priscilla Du Preez on Unsplash
Becoming a parent is a huge responsibility, but if you live with a disability, there are additional challenges and possibilities at hand. According to nonprofit Through the Looking Glass, the average income for a family led by parents with disabilities is $35,000, compared to $65,000 for parents without disabilities. And despite the fact that nearly one in 10 American children have a parent who is disabled, these families are also more likely to be contacted by child welfare agencies “simply because their parent has a disability.”
These problems shouldn’t deter anyone from having a child just because of a disability. As illustrated by CNN journalist Elizabeth Landau, parents with disabilities grow to have unique relationships with their children. The families Landau interviews detail how each member pitches in the best way they can, empowering a more cohesive family unit and strengthening the bonds between parents and children.
The thing is, every person faces risks and challenges in the face of parenthood. If you live with a disability, preparing your household for the impending changes of parenthood can protect your family and keep them safe in any situation. From GBRLife.com, here are a few important steps soon-to-be parents should take:
Worst Case Scenario Preparations
It’s the same for all families-- with or without disabilities: the worst case scenario is one or both parents passing away prematurely. It’s not a pleasant thought, but it happens. According to the Centers for Disease Control and Prevention (CDC), each year, 900,000 Americans die prematurely from the five leading causes of death. Being proactive about healthy living and avoiding habits that contribute to preventable diseases will reduce your risk of being one of those thousands, but as a parent, you owe it to your family to prepare further.
Hire a family lawyer to draft out your last will and testament. If you’re raising your children with a partner, include them in the estate planning. Before designating a legal guardian for your children, talk with potential candidates about the responsibility and whether they’re willing to commit to it.
Invest in a life insurance policy with a burial rider. Life insurance replaces lost income, pays off debts, and leaves an inheritance after the death of a loved one. Keep in mind, however, you may not need life insurance if you have enough income and assets to care for your family should you pass. Furthermore, you can consider selling your policy once your children are grown and financially independent.
Savings Plans for Family Security
Money may not be able to buy happiness, but it sure can buy security. As a new parent, the money you start saving today will assuredly come in handy as life throws challenges at your household from every which angle. No longer can you squirrel away a few dollars each month in a low-yield savings account. Your new savings plans need to cover multiple goals while utilizing various accounts to protect your family’s interests.
You may not think that saving for your own retirement is for the entire family’s benefit, but think about it: if you can’t pay your bills when you’re no longer working, who will? Your children, that’s who. If you want to spare your children the burden of financially caring for their senior parent, start saving today in one or more retirement accounts.
Not everybody needs to pursue higher education, but for many, it’s a stepping stone to their career aspirations. Saving for your child’s education today can ensure they are able to follow their dreams without ending up drowning in debt.
Did you even know there is a difference between a “rainy-day fund” and “emergency savings?” A rainy-day fund covers unforeseen, one-time events-- think a chipped tooth, a broken-down car, or a burst pipe in the home. On the other hand, an emergency fund should have enough money to pay your living expenses for three to six months. If you need help freeing up cash for your emergency fund, look into refinancing your home loan to get one with better terms.
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Parents with disabilities face unique challenges, but with aggressive savings and the right legal preparations, they can ensure their family’s security even in worst-case scenarios. To prepare for a worst-case scenario, hire a family lawyer, draft a last will and testament, designate a legal guardian, and invest in life insurance with a burial rider that pays for final expenses. To prepare for the general challenges life throws at you, aggressive saving is key. Create various savings plans for your retirement, your child’s education, a rainy-day fund, and your emergency finances.
