This week we have been discussing the impact of receiving Social Security disability benefits on your financial life. In many ways, the two stay separate. As we mentioned Monday, creditors cannot garnish your benefits in order to repay debt. On Wednesday, we talked about how being a disability beneficiary may impact your ability to get credit, but your credit score, credit history and overall income are far more important.
What we bring up today is an extremely important link between your credit and disability benefits that disabled Americans need to take note of – although your status as a beneficiary does not go on your credit history, once you become disabled and unable to work, you will likely face difficult financial times in the years ahead. Unless you qualify for one of Social Security’s fast-track programs, your wait for disability benefits will likely be around two years or more if the Social Security administration approves your application. Thus, for many beneficiaries, disability benefits have indirectly led to a lower credit score just because of the financial strains of being disabled and unable to work. More details on the disability benefits application process are available from a Tulsa OK Social Security disability law firm.
Here are a few of the ways by which beneficiaries have sought to minimize the financial impact of a severe disability:
- Apply for disability benefits immediately after you stop working
- Get in touch with creditors ahead of time to see if you can work something out to lower your payments
- Seek financial advice from an expert about how you can deal with the upcoming difficult times
- Sell the non-essential, have garage ales, or move to cheaper housing in order to keep your costs as low as possible
- Use your down time to learn new skills or to take classes so that, when you return to the job market, your prospects have improved
What financial adjustments did you make after you suffered a disability and were unable to work?
Troutman & Troutman, P.C. – Tulsa Social Security disability attorneys