Money Matters

assistive technology finances government supports guardianship podcasts school special education
Planning for the future of children with disabilities and special needs

A different kind of piggle bank.

According to Forbes magazine, roughly 1 in 5 U.S. households have at least one family member with a disability. ABLE accounts are designed to help them save tax-free; however, many folks don’t even know about this important financial tool.  Last week’s first-ever National ABLE Savings Day was an attempt to change that by raising awareness and promoting financial empowerment for individuals with disabilities. 

Full disclosure, we only opened an ABLE account very recently for our 28-year-old son with cerebral palsy. He will deposit paychecks from his part-time job into this account, which have previously been directed to a checking account at his local bank.  Co-mingling these with his SSI support has become challenging, though, so we’re trying this new approach. 

Please let me know if you’ve got a good savings tip or financial management advice for parents and young people to know about. We all learn from each other.


Realizing retirement. 

According to a recent report from the University of Wisconsin-Madison, parents of children with disabilities have incomes nearly 25 percent lower than other parents and have saved less by the time they reach retirement age.  This is usually because income that could have gone towards retirement savings gets spent instead on therapies, uncovered medical expenses, and many other things to accommodate the added expense of “another normal.”  We need to adjust our perspective and planning as our “kids” age and we get older, too.  In addition to all the day-to-day support we continue to provide to our children with special needs, it’s imperative to think about what their future can and should look like once we’re gone.  A few simple steps can put us on more solid ground…and even contribute to a happier lifestyle for parents as we age.  It also helps to be receptive to offers of assistance.  Check out this list of dozens of free supports for which your family may be eligible.  Saving on everything from service dogs, medical equipment, assistive tech, vacations and more can help you save for your golden years. 


Guardianship and other legal decisions. 

I recently received this link from a reader who said it’s the best resource she’s seen on the subject of guardianship and supportive decision making.  If you’re working to decide how to handle this aspect of your child’s life as they grow into adulthood, I urge you to check it out.  Written for residents in Virginia, but great information no matter where you live.  Life gets complicated fast, and this helps simplify things a bit.  Consulting an attorney is always a good idea, but educating yourself first helps a great deal. 


Digital directory. 

Several readers asked for more info on The Whole Care Network, which I mentioned in last week’s newsletter.  Here’s an easy-to-use directory of all their podcasts for caregivers facing all kinds of challenges.  A treasure trove of goodness, for sure.  Happy listening! 


Check out a new kind of book. 

Bookshare is a FREE, federally-funded reading tool that empowers students to read and learn in ways that work for them.  It literally changed our son’s life and enabled him to enhance his schoolwork with accessible ebooks and highlighted text to make learning more fun and impactful.  As we enter back-to-school time, I encourage parents and educators to check out this valuable resource and see what it can do for the young reader you care for and about.  Supports like this can be written into an I.E.P. and make such a positive difference in a student's life.


 

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