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241: Estate Planning in 3 Not So Easy Steps: Social Security Basics
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Have you ever wondered how Social Security impacts those who are disabled or retired? I’ve seen firsthand how crucial it is for providing financial stability.
Earlier this month we spoke about Social Security and Work. In this episode of Parenting Impossible, I want to delve deeper into the basics of the critical topic of social security, public benefits, and financial planning for individuals with disabilities. Did you know that ABLE accounts are revolutionary, allowing you to save money without jeopardizing benefits like Medicaid and Supplemental Security Income (SSI)? Proper financial planning is crucial, as one misstep in managing assets can lead to the loss of these vital benefits. For SSI recipients and those on Social Security Disability Insurance (SSDI), understanding the nuances of your programs can make a big difference. Navigating social security benefits and work income can be challenging, but with the right knowledge and understanding, you can make informed decisions that benefit your financial stability.
In this episode, you will hear:
Learn about Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI)
How work income affects SSI benefits
How ABLE accounts can help manage assets without affecting SSI or Medicaid eligibility
Why planning for Medicaid coverage is important
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