How will the “Graying” of the Baby Boom Generation Change North Carolina Social Security Disability?

April 22, 2011, by Michael A. DeMayo

In 2011, the first of the baby boomers will officially become eligible to collect social security benefits. Experts who study North Carolina Social Security Disability questions fear that this extremely populous generation (they didn’t call a baby “boom” for nothing) may seriously strain our national and state coffers. As more and more boomers start extracting money, can our social safety net remain solvent and productive?

A related, but also extremely crucial question, is whether North Carolina Social Security Disability will become harder and harder to qualify for because of the demographically related extra stress on the system.

In other words, as the boomers age, will eligibility requirements be ratcheted up and benefits sheared down?

And, if so, how can you anticipate heretofore as yet unwritten additional restrictions and plan your finances accordingly?

These are tricky but good questions, and unfortunately there are no simple answers. People who need SSD or Supplemental Security Income (SSI) are often under profound financial, physical, and even emotional strains. They may not have the resources, time, and stamina to delve deeply into “best practices” for financial planning.

Given this atmosphere of confusion, it’s easy to simply ignore the potential risks of increased eligibility restrictions, etc, and just “hope that the worst case doesn’t happen.”

But what if it does? You need contingencies.

Personal financial planners and other experts (such as a North Carolina Social Security Disability Law Firm) can help you strategize and even execute tactical shifts and changes in priorities.

You might also want to change your mind set about how entitlements fit into your planning. Specifically, it may be a mistake to plan from the assumption that you will get your maximum benefits. Instead, focus on what you can control – what some psychologist would describe as your “circle of influence” – and construct a plan that would work in that paradigm.

The point is, whether or not you manage to collect SSD or SSI is ultimately somewhat out of your hands. So, concentrate on what is within your control – for instance, your investment strategy or the amount of money you can generate through your job or other holdings – and then construct a few scenarios that allow you to “win” even if “lose” in your quest for SSD and SSI.

Again, developing these contingencies is easier than done. That’s why it’s helpful to consult with experts like financial planners and a North Carolina SSD Law Firm. Avail yourself of resources; make this easier for you and your family.

More Web Resources:

“Graying” of Baby Boomers

Uncertainty is Certain

 
 

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