- April 25, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Planning and Uncertainty about the Future
As I approach my 30s, I am faced with the reality of a chronic illness that could potentially impact my future employment opportunities significantly. Despite having stable employment at the moment, I am taking a cautious approach to managing my finances due to the uncertainties ahead. The past few years have been a time of adjustment, leaving me feeling apprehensive about what lies ahead.
## Current Financial Situation and Strategies in Place
Currently, I earn $73,000 before taxes and have $71,000 in retirement savings (401k and Roth) along with $60,000 in savings, predominantly in a High-Yield Savings Account (HYSA). Additionally, I have an $88,000 mortgage on my house. I am striving to maintain enough funds in the HYSA to potentially pay off the mortgage in case my health deteriorates further.
## Budgeting and Spending Habits
Allocating $400 for food expenses in my budget, I tend to spend less than that amount, with groceries being my primary indulgence. I value being able to purchase quality food items like fruits and meats, even if they come at a higher cost. On average, my food expenses range from $275 to $350 per month.
## Financial Partnership and Contingency Plans
I have a partner with whom I share expenses, although we maintain separate finances. He contributes a fixed amount of $750 monthly towards shared bills, given his lower income. In case of financial strain, I plan to pay off debts and explore options to increase his income to cover a larger portion of the expenses.
## Insurance Coverage and Future Planning
While I have short-term and long-term disability coverage through work, obtaining disability benefits for an invisible chronic illness can be challenging. I am aware of the potential hurdles in accessing these benefits and aim to strategize accordingly for the future.
AI Legalese Decoder can assist in navigating complex legal and insurance terms related to disability coverage, helping me understand my rights and options better. By utilizing AI technology, I can gain insights into optimizing my financial strategies and planning for potential scenarios that may arise due to my health condition.
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All I can add is if there is any way to keep your current position but in a WFH or hybrid setting, then the time to start transitioning will be sooner rather than later. I was diagnosed at 38 with a CI and if it wasn’t for the fact that I co-own my company and have always WFH I would be seriously screwed. Flexibility and accommodations with CIs can’t be overstated so if there is an opportunity for you in the future to make some changes, that would be great.
You might want to look into a HSA. It will lower your tax burden, and it has tax free growth and withdrawals for qualified medical expenses are also tax free
I don’t have advice but checking in as a fellow 30yo with CI (fibro and heds) here. Hang in there, we can do it.
I probably don’t need to tell you this, but you can file for SSDI once you can no longer work due to your disability.