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Financial Consequences of Disability
Although no one likes to think about the possibility of becoming disabled, a sudden disability can have disastrous consequences on your finances. Here's how you can protect yourself against financial losses from a disability, and what you can do in case you aren't ready.
ThirdAge Profile
Joseph Florio had worked as a boilermaker on the New York Central Railroad for seven years when he was badly injured on the job. He fell off a moving locomotive and is now confined to a wheelchair. But that's only one of his problems. He's in constant pain and has to use his credit cards to buy medications to make it through the day. This eats up nearly $400 a month, which is about half his income. Now he's in debt to the credit card companies.
Florio, 60, supports himself with a combination of Social Security and disability payments from the railroad. The South Florida resident doesn't have many assets, aside from a small amount of bank stock, which has performed dismally in recent years. He can't work -- his health prohibits it -- and he doesn't expect any dramatic increases in his disability payments any time soon.
ThirdAge Money Insider Jeff Fleming Advises:
Undoubtedly, Joe's story can bring tears to your eyes if you are at all sympathetic. The emotional suffering of a sudden long-term disability is incredible even without the added financial pressures. What should Joe do now? What should he have done differently? What can we all learn from his story?
 What Joe Can Do Now to Improve His Future
How to Avoid a Financial Crisis in Case of Disability
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