No one plans for bad things to happen, especially when it comes to limiting your ability to provide for yourself. Unfortunately, things can happen in an instance, and you may end up in a situation that severely injures you. These injuries may even prevent you from working. If this is the case, you may be worried about how to get by financially.
Consider All Your Assets
The first thing you should do is look at all of the assets you currently have. This can include your home, vehicles, land, valuables, etc. All of these are worth something and they can be used to help you get by. There are also many financial assets you may have including stocks, bonds, and other investments. If you’ve invested in real estate, you can use your rental income to help you get by. You should take a thorough inventory of your assets. Determine their worth and then make a plan for how long you can use them to get by. If your assets are limited, now is the time to think about some investments that can allow you to continue making money.
Apply for Disability Benefits
While having a serious injury that prevents you from working can be stressful and difficult, there is some hope. There are many programs put in place to help people in your situation. You can start off by applying for disability benefits. Typically, disability benefits are given to anyone with a medical or physical impairment that prevents them from working. You usually need to wait 6 months before qualifying for long-term disability. In addition to disability benefits, you can look into compensation from your private insurance. Depending on your coverage, you may qualify for compensation that covers you if you are unable to work due to injury.
Find a New Source of Income
You may not be able to continue at your current job, but that doesn’t mean there aren’t other jobs you can still do with an injury. Now, there are many jobs that you can easily do remotely from your own home. For example, you could work as a freelancer. You can do anything from writing to taking pictures to making audio recordings. There are lots of other things you can do like renting out a room in your home, selling products online, and even participating in studies or surveys. Working while injured may not provide a lot of luxury, but it can still help you get by.
Being injured and forced to retire can put you in a hard situation. It can throw your entire life plan off track. However, there are still ways you can provide for yourself and still get by financially.
Read this next: How Home Equity Can Be a Valuable Tool in Retirement
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