69% of Working Americans Fail to Protect Their Paycheck Disability Awareness Month Ends, But Monetary Planner William Pitney Reminds Workers About Paycheck Protection


Foster City, CA (PRWEB) May 31, 2013

Might is Disability Insurance coverage Awareness Month (DIAM) and is an excellent time for US households to get a disability check up. William Pitney, Certified Economic Planner skilled of FocusYOU says, As DIAM ends, its never too late to take stock of your disability requirements. He adds, Also many workers underestimate their chances of disability as effectively as the significance of disability earnings protection.

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According to the Council for Disability Awareness (CDA) disability counter, a lot more than 1,857,798 American workers have knowledgeable a disabling illness or injury considering that the begin of the year. Thats a staggering number and increasing, states Pitney. At that rate, Americans will endure more than four.five million disabilities in 2013. Envision if those numbers included you, Pitney continues, What would take place to the typical middle class household if 1 of the breadwinners couldnt function to earn a paycheck due to the fact they have been sick or injured?

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The lost income can be devastating. For example, a 40-year-old earning $ 70,000 in the San Francisco Bay Area who suffers a permanent disability could drop much more than $ 1.7 million in future earnings.

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CDA reports that one hundred,000,000 workers do not have any private disability insurance. CDA additional reports that 74% of staff are not financially ready to survive an illness or injury that benefits in a loss of income.

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The LIFE Foundation (LIFE) discovered that 60% of Americans are concerned about becoming in a position to support themselves financially if they have been unable to work. In addition, 25% of households would endure instant economic setbacks if the breadwinner became disabled and couldnt operate.

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These statistics are alarming, but even worse, far more than 50% of workers believe they dont need to have disability insurance, Pitney asserts. Too a lot of operating Americans mistakenly think a government plan, Workers Compensation or employer covers them provided insurance coverage.

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The Social Security Administration denies 45% of workers who apply for disability advantages. When authorized, workers receive an average disability benefit of a small more than $ 1,100 month-to-month. This quantity is hardly sufficient to make ends meet for the majority of Bay Location Households, claims Pitney.

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Only a handful of states supply brief-term disability insurance coverage programs, such as California. These programs normally spend advantages for up to six months.

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Workers Compensation covers operate-connected disabilities only. However, the National Security Council, reports that 73% of disabilities are not operate-related.

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The Division of Labor also reports that 70% of employers do not offer you any variety of extended-term disability protection to their personnel. Pitney urges all personnel, Discover out if your employer delivers disability coverage. If it does, take time to find out how it functions and if the coverage is adequate to meet your demands.

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For workers and households that need to have a small support understanding what they need to have and what disability income sources are available to them, Pitney encourages them to function with a CFP