Planning for retirement takes a ton of thought. But it gets more complicated when you’re living with a chronic disease such as MS or multiple sclerosis. For starters, it’s difficult to anticipate when you will stop going to work.
It’s likewise hard to determine precisely what types of special supports and accommodations you will have to plan for so you can remain as independent as possible in the future. That said, now is the time to start planning.
Evaluate Your Health
Multiple sclerosis is not something that you can predict. There’s a chance that you may have extreme difficulty moving around or be able to stay in control of your body to some extent. So take a close look at your current health and try to take cues from there.
Are you able to manage your symptoms with your current medications? Is your disease advancing quickly or slowly? Talk to your doctor to find out what you could reasonably expect in the future based on your current circumstances.
Get Your Finances In Order
You will be more comfortable and worry-free, financially that is, once you retire knowing that you have sufficient funds saved up. Set up a budget to help maximize your money. Set some aside for daily needs and unforeseen expenses, and then save some for your future needs.
Get an accurate estimate of what you currently have, including your savings, salary, and if applicable, your investments. Don’t forget to check if you have any outstanding or long-term debts. Next, try to estimate your average monthly expenses so you get a rough estimate of how much money you will need when you’re retired.
Review your investments and make sure that you are maxing out all investments related to your retirement with every paycheck. Also, look into government or benefits program and check if you can qualify for them.
Think About Where You Want to Reside
Picture where you see yourself living once you retire. Are you planning on living in a retirement home here in Ogden or staying in your house? If you’re staying at home, you have to plan for specific accommodations carefully to ensure your safety.
Try to figure out which home accommodations you should plan for and how much you need to spend for them. For example, installing wheelchair ramps, widening doorways, lowered countertops, and making your bathroom more accessible.
You should likewise look into the many different care options available to you as early as now because deciding on care needs is an enormous decision. Additionally, take some time to review your insurance to determine what it can cover.
You can’t really be certain of what the future holds for you, whether you have MS or not, so it’s a great idea to start planning for retirement as early on as possible. Start by reviewing your finances and taking stock of what you have saved up and should ideally have when retirement time rolls around.
Seek benefits and programs available to you. And if you are not 100% certain of what you are doing or should be doing, consider seeking help from a financial advisor or planner.