Does A Recent Diagnosis Mean You Need to Revisit Your Financial Strategy?

Your financial plan and strategy may need to undergo some significant updates if you find yourself dealing with a major diagnosis. Depending on the diagnosis, you may need to alter your existing plans in the short term or the long term. For example, someone who receives a diagnosis of multiple sclerosis may need to reconsider how this impacts their daily life for decades to come. As the population gets older the number of people with medical conditions such as Alzheimer’s disease, heart conditions, Parkinson’s disease, and other chronic illnesses is increasing.

It can be very stressful to deal not only with a diagnosis but think about the cost of home renovations, medical treatments, and rehabilitation, among other costs. Some people who have disabling conditions may be forced to exit the workforce sooner than expected. Start by building a team of professionals around you, such as an attorney, who can help draft financial and healthcare directives and plan for the possibility of Medicaid stepping in to cover other expenses.

Furthermore, it’s a good idea to meet with your financial professional to revisit your existing plan, which may have been built on the intention that you would continue to work until your mid or late 60s before needing to tap into your retirement accounts.