Welcome!

News Feed Item

BMO Report: Financial Planning Critical for the 56.7 Million Americans With a Disability

CHICAGO, IL -- (Marketwired) -- 05/15/14 --


  • More than 70 percent of Americans 80+ have some form of disability
  • Wills and powers of attorney critical components of an effective financial and estate plan
  • Unemployment rate for those with a disability is 41 percent higher than for those without

According to a report issued today by the BMO Wealth Institute, a financial plan can play a pivotal role in easing financial stress for the 56.7 million Americans who have a disability. The report also noted that, as the population ages, the percentage of Americans who will become disabled will rise. Currently 70.5 percent of Americans 80 years old or older identify themselves as having some form of disability, with hearing loss, mobility issues and memory loss being among the most prevalent.*

"Given that the chances of someone becoming disabled increase as one gets older, it's important that individuals are aware of the potential challenges they can face," said Stephen Williams, Vice President, U.S. Financial Planning Strategy, BMO Private Bank. "Specifically, Americans should understand how disability can affect one's personal and financial situation. Planning for the possibility of a disability should be a consideration in any financial plan to help safeguard individuals and their families from the unexpected."

Mr. Williams noted that few Americans have factored in the financial repercussions that can arise from having a disability or caring for a family member who becomes disabled. The combination of reduced income and increased spending to cope with a disability can derail a financial plan. For example, a plan on track to last until at least the age of 90 could see all savings exhausted by the age of 77.

The report stressed that both individuals living with a disability and those caring for them need to manage their financial well-being. To get the most financial benefit, one needs a well-constructed financial plan that uses a variety of tools. The report highlights that having a Will and effective Powers of Attorney are two critical components of a financial and estate plan that, when used properly, can improve the financial situation of those dealing with disabilities.

Disability in the Workplace

The BMO Wealth Institute report also found that Americans believe employers have an important social and legal responsibility to accommodate people with disabilities. The report noted that unemployment rates are higher for those with disabilities (13.4 percent), compared to those without (7.9 percent). The major barriers to employing persons with a disability are lack of education or training, lack of transportation to the workplace and the physical environment of the workplace.**

"Providing equal opportunities to individuals with a disability should be a top priority for employers," said Mr. Williams. "As well, the longer an individual has to deal with a disability, the more pronounced the impact will be on their ability to work and earn an income, which can prevent them from being able to afford the care they need. Employers need to be sensitive to the unique requirements that can come with employees who have a disability and strive to make their workplaces more accommodating and understanding of their needs."

The report can be accessed at: https://www.bmoharris.com/financialadvisors/resources/bmo-wealth-institute.

Get the latest BMO press releases via Twitter by following @BMOmedia.

*United States Census Bureau, Americans with Disabilities: 2010
**Bureau of Labour Statistics News Release, Persons with a Disability: Barriers to Employment, Types of Assistance, and Other Labor-Related Issues - 2012

About the BMO Wealth Institute
The BMO Wealth Institute provides insights and strategies around wealth planning and financial decisions. The Institute's team of professionals have deep expertise around all aspects of wealth planning including retirement, estate, tax and insurance.

About BMO Private Bank, a Part of BMO Financial Group
BMO Private Bank offers a comprehensive range of wealth management services that include investment advisory, trust, banking and financial planning to meet the financial needs of high net worth clients. Through integrated teams of experienced financial professionals, BMO Private Bank helps its clients realize their financial and lifestyle goals with solutions that are custom tailored and delivered with the highest level of personalized service.

BMO Private Bank is a brand name used in the United States by BMO Harris Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.

Media contacts:
Patrick O'Herlihy
Chicago
[email protected]
312-461-6970

Beth Copeland
Indianapolis
[email protected]
317-269-1395

Carey Allen
Phoenix
[email protected]
480-558-6383

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now. In his session at 19th Cloud Expo, Chris Webber, security strateg...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.