LOCK IN A FAIL-SAFE SAVINGS PLAN
START AN EMERGENCY FUND. Deposit 2% of your paycheck into an emergency fund, either a high-yield savings account or a money market fund. These accounts currently yield about 4% annual interest or more, so your money will be working for you. Work toward setting aside enough to cover at least three months’ expenses to avoid using high-interest credit cards. AUTOMATE RETIREMENT SAVINGS. If possible, put 10%–15% of your paycheck into a retirement account, such as a 401(k), Roth IRA, SEP-IRA, or another investment account. To help you meet this lofty goal, take full advantage of any matching program your employer offers. That’s free money! OPEN A BROKERAGE ACCOUNT. A regular investment account gives you access to stocks, bonds, and other instruments. Most advisors recommend a low-cost index fund as an
Budgeting and saving are skills many Americans learn late in life, if at all. Only 36 states require high schools to offer personal finance courses. While that’s a marked increase from seven states in 2000, it still leaves many Americans adrift. Many consumers benefit from setting up regular automatic deposits to each of the four key savings and investment accounts, either through paycheck withholding or via their bank. With this system, growing their savings requires no conscious effort.
initial investment, but if you are uncomfortable with stock market volatility, consider certificates of deposit or bonds. If you hold investments for at least one year, your earnings will be taxed at the long-term capital gains rate — far less than the tax on your ordinary income. SET UP A HEALTH SAVINGS ACCOUNT. Health savings accounts (HSAs) are a powerful way to set aside income tax-free to pay medical bills. They offer a triple tax advantage in that deposits, earnings, and withdrawals are tax- free if you use withdrawals for eligible medical expenses. You can sign up for these plans through an employer or HealthCare.gov by opting for an HSA-eligible health insurance plan. To determine how much to deposit, search online for “HSA Contribution Calculator.” Unlike other tax-sheltered savings vehicles, HSAs do not have a “use-it-or-lose-it” requirement, so you can accumulate funds for the future.
The Long Road to Recovery HOW WORKERS’ COMPENSATION CAN HELP WITH LONG-TERM CONDITIONS
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Nerve damage: Injuries involving the spinal cord or limbs can lead to permanent nerve damage, causing numbness or even paralysis in severe cases. Mental health issues: Prolonged recovery periods and physical limitations can lead to anxiety, depression, or other mental health challenges that require more treatment.
A workplace injury doesn’t always heal in a few months. Some injuries and illnesses can lead to lifelong conditions and symptoms. These long-term effects profoundly affect a person’s ability to work, enjoy life, or maintain overall health and well-being. If left untreated, some conditions can worsen, making it difficult for employees to return to work and earn a living. That’s why you must receive proper medical care and legal guidance.
medical professionals is critical to receiving the total compensation an injured worker deserves.
HOW WORKERS’ COMPENSATION CAN HELP Workers’ compensation is designed to offer financial relief to employees who suffer injuries on the job. If you’ve experienced a workplace injury with long-term effects, working with an experienced attorney is essential to navigate the claims process. They can help you gather the necessary medical evidence, ensure all long-term consequences of your injury are considered, and advocate for fair compensation to cover your ongoing medical care and support. Our firm specializes in workers’ compensation cases, ensuring workers get the compensation they need to recover and move forward. Please reach out if you need help securing the benefits you deserve. We’re here to help you recover and move forward.
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THE IMPORTANCE OF PROPER COMPENSATION
COMMON CONDITIONS RESULTING FROM WORKPLACE INJURIES
When a workplace injury leads to long- term effects, it is crucial that the workers’ compensation settlement accurately reflects the injury and its impact on the employee’s life. Compensation should cover immediate medical expenses, future treatment costs, lost wages, and rehabilitation services. In cases of severe disability, workers may also be entitled to compensation for vocational training or permanent disability benefits. Making sure the injury is properly documented and evaluated by
Some of the most common long-term conditions coming from workplace injuries include:
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Chronic pain: Often seen in workers who suffer from back injuries, joint damage, or repetitive strain injuries. This discomfort can continue long after the initial injury has healed.
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