Having a special needs child changes many things in your life, especially if your child will need care for the rest of his or her life. You will likely not be around the whole time, so you need to do some special needs planning as part of your estate planning process.
The New York Times explains that you should include your retirement planning as part of this because you will need more retirement than the average person.
The reasoning
You will need more retirement money because it will need to not only support you, but your child as well. You cannot just plan for the rest of your life. You need to consider what your child will need once you are gone, and retirement money will need to stretch much further.
The plan
When you are creating your special needs estate plans, you should factor in your retirement. Speak with the professionals you are working with to ensure they understand your retirement is not just for your use, but also needs to help support your child when you are gone. You will need to have much more money, which is why starting as early as possible is ideal. The earlier you start, the more risks you can take, and the greater gains you have the potential to make.
Keep in mind that you need to connect your retirement and estate plans when you have a special needs child. It will make it easier on you in the long run because you will have the funds you need to ensure your child’s financial future.