Financial Planning for Families Affected by Autism - Financial planning is critical for families affected by autism, including considering retirement plans, special needs trusts, and ABLE accounts [2][3] - Autism is a lifelong condition, with a significant number of adults with autism and individuals aging out of children's services each year [4] - Families affected by autism need to balance saving for their own retirement with saving for their children's needs, which can be challenging and may require delaying retirement [6][7] - Starting early with financial planning is crucial, as these processes are complex and not typically covered in standard financial literacy education [1][31][32] Special Needs Trusts - Special needs trusts are foundational for families affected by autism and should be considered early, ideally when the child is in their early teens [9][10] - A major mistake is waiting too long to set up a trust, as direct gifts to the individual can disqualify them from government benefits [11][12] - Special needs trusts are a primary mechanism to set up savings that will not impact an individual's ability to access government resources [12] ABLE Accounts - ABLE accounts are similar to 529 plans, funded with after-tax dollars, but the growth is tax-free upon distribution, with a limit of $18,000 per year [17] - Unlike 529 plans, ABLE accounts have a broader definition of qualified expenses, including housing, food, and transportation [18] - Special needs trusts and ABLE accounts should ideally be used side by side to provide flexibility and longevity in financial planning [19][20] Government Benefits and Support - Individuals with autism are no longer eligible for school services after their 22nd birthday [21][22] - Medicaid is the primary funding source for adults with autism, providing services for employment, medical care, and home and community-based services [23] - It is important to build a support network, including legal guardianship and letters of intent, to ensure the best plan is in place for the individual's future care [29] Retirement Planning Misconceptions - The objective of retirement planning is maintaining a certain standard of living, focusing on real income and spending adjusted for inflation [38][41] - Series I savings bonds offer a fixed real rate of interest and are a safe place to invest, helping individuals understand inflation [42][43] - Stocks can be risky for retirement planning, and the notion that stocks are not risky in the long run is a fallacy [45][46]