MyTwoCents: 'Should I start saving for retirement, or just enjoy my life while I can?' CharlotteCowles responds
Photo: Bert Hardy/Getty Images I am in my early 20s and have a chronic, degenerative medical condition that will get worse as I age. It’s not super serious, but it is painful. My life expectancy is average. Because of this, I’m not really sure how to handle money. I currently get my full paycheck and don’t contribute to my 401. I use all of my money to travel, see bands I love, go to new restaurants, and just generally enjoy life.
These are tough questions. I’m impressed that you’re looking so squarely at your future, given how painful it sounds. A lot of people in your shoes might not be so frank and forward-thinking. To address your situation more specifically, I called personal finance expert Tanja Hester, co-host of the podcast The Fairer Cents and author of Work Optional. She has Ehlers-Danlos syndrome, a genetic disorder that causes joint pain and mobility issues to worsen progressively as she gets older. I’m not sure how similar it is to your condition, but like yours, it won’t shorten her lifespan. Her dad also had it, so she grew up knowing what her future could look like.
On that note, Hester strongly recommends buying disability insurance, especially if you have a job that offers a plan through your company. If your employer doesn’t offer a policy, consider buying one on your own. Disability plans vary state by state, but depending on your condition and how many years you’re able to work, the extra income stream could be a game-changer — they were for Hester and her dad. “Even though things were difficult for us, we were still middle class,” she says.
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