When a parent in Philadelphia has a disabled child, it may be the case that the child, due to the nature of the disability, will never be financially independent as an adult. This may be of particular concern to those parents who are reaching retirement age, and are wondering how they will be able to continue caring for their disabled child. Fortunately, there are resources they may have in such situations, including the possibility of Social Security Disability benefits.
Perhaps most importantly, a disabled child may be able to receive Social Security Disability benefits. If a disabled child meets the Social Security Administration's requirements for receiving disability benefits, these benefits could continue for the rest of the disabled child's lifetime. In fact, depending on the circumstances, these benefits could even continue if the child has a job, so long as the child's salary does not surpass the current "substantial earnings" limitation, which this year is set at $1,090 monthly.
In addition, in certain cases a child who has a qualifying disability may even be able to receive Social Security retirement benefits via his or her parent's work record. That being said, such benefits are capped at a family limit.
Other options that may be available to some parents of a disabled child include life insurance policies and estate planning documents, such as wills or trusts. In the end, through careful planning, parents of a disabled child may be able to continue providing for their child, even during their retirement. Living with a disability is undoubtedly expensive. Ongoing medical care can be costly, and many times a disabled individual is unable to work due to a medical condition, leading to a loss of income. That is why obtaining Social Security Disability benefits is so important.
Source: money.usnews.com, "Preparing for Retirement with a Disabled Child," Robert Berger, Oct. 9, 2015