If you are considering applying for Social Security Disability benefits, prepare to endure a long wait for approval.
Without the ability to work, you will likely have to look at various ways to remain solvent until the Social Security Administration approves your claim. Here are four tips for surviving the waiting period.
Look into assistance programs
One of the first places to go for help while you await a decision on your SSD claim is your county Department of Social Services. You can also explore state and federal support initiatives such as the Supplemental Nutritional Assistance Program and Temporary Assistance for Needy Families.
Cash out your savings
If you are a homeowner, consider taking out a home equity loan or refinancing to lower your current mortgage. If you have a retirement account such as a 401(k) or a life insurance policy, you may be able either to borrow against it or to cash it out.
Turn to friends and family
You may not want to ask your family or friends for help, but they may be much more responsive to your request than you expect. Remember that if the SSA approves your claim for benefits, you will receive back pay, which should help you repay those who have provided you with financial assistance.
Go back to the basics
Although there are several paths to explore where you might find help as you await a decision on your SSD benefits claim, resolve to begin with the basics. This means paring down your needs and the little luxuries of life in order to survive the current financial situation and prepare for better days ahead.
