Making the Most Out of Your North Carolina Social Security Disability Benefits

April 26, 2011, by Michael A. DeMayo

If you’ve been fighting for the right to collect North Carolina social security disability benefits, chances are you haven’t had that much time or energy to devote to figuring out how best to invest any moneys you receive. You’re too caught up in the battles: the battle to win an appeal, the battle to deal with your underlying medical conditions; the battle to manage family needs. Etc. Etc.

A little planning, however, can go a long way.

Once you know how much money to expect from an entitlement program, your battle for financial security has only just begun. It’s crucial to figure out how to allocate any moneys that come in – and deal with any surprises (and there will be surprises, there always are).

You may be living on a shoestring budget. But it may still behoove you to speak with a professional financial planner to review your options and help you avoid burning through your benefits money.

It’s surprisingly easy to burn through benefits. When you don’t feel good, and you’re overwhelmed by medical stress, financial pressures, and anxieties, you may be tempted to “splurge” on pointless things like toys or trips that you can’t really afford.

Alternatively, you may be tempted to gamble with your North Carolina social security disability benefits – if not literally at a gaming table in a casino than maybe figuratively. You may purchase dubious investment vehicles in the hopes that they will yield up great returns. Unscrupulous con artists have devised dozens, perhaps hundreds, of different schemes designed to swindle seniors and others who rely on social security disability and supplemental security income (SSI) out of their hard fought entitlements.

Your reasons for avoiding help may be less than rational. For instance, you may balk at the upfront costs of going to a financial planner… without analyzing the costs of NOT going to a planner and continuing to spend, borrow, and plan as you currently do – that is, inefficiently.

For instance, maybe a consultation with a planner will cost you $500… but not consulting with a planner may lead you to overspend by $2,000 over the next year.

Also, you have to remember that, when you’re sick, injured, and frustrated, you may put off certain key planning tasks and then suffer penalties and fees as a result. For instance, say you’re a small business owner who needs to pay quarterly taxes. But you can’t get around to doing the paperwork because you’re ill. You may end up having to pay serious fees and penalties when you do your next year’s taxes. While a financial planner obviously can’t solve all of your woes, he or she can point out pitfalls and keep you on a better track.

Another important resource is a North Carolina social security disability law firm. A quality law firm can leverage resources to ensure that you get the right benefits and complete assistance during the appeals process.

More Web Resources:

Why to do financial planning

SSD and SSI scams