Long-term financial planning is even more complicated than usual when there's an adult child with special needs who will financial support over his/her entire lifetime. Many financial planners aren't familiar with the different needs of our families so choose wisely, and ask if the financial planner has a special care planning certification. We will be putting together a list of local financial planners who have received those certifications.
Special Advice For Special Needs Parents
“These parents are spending $30,000 to $60,000 a year, and a lot of that is out of pocket,” Friese says. “You’re not only planning for the special needs child’s care, you’re trying to make sure the parents are OK.”
Planners have dubbed the issue “retirement for three” as parents never experience an “empty nest.” Around 25% of family caregivers are over 60, according to research by the University of Illinois, and the average age of a person being cared for at home is 38. More than half of special needs children outlive both parents.
Cost-cutting strategies such as downsizing homes or moving to lower-cost areas become impossible if medical and occupational resources for the disabled person aren’t available.
For many families, saving is difficult, Flaum says
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