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Thread: retirement planning / disabled

  1. #21
    Quote Originally Posted by gjnl View Post
    According to the National Spinal Cord Injury Statistical Center (NSCISC) located at The UAB Department of Physical Medicine and Rehabilitation, Centers for Disease Control and Prevention, the following are costs of living with a spinal cord injury. These numbers are update to 2011.

    Average Yearly Expenses
    High Tetraplegia (C1-C4)
    First Year: $985,774
    Each Subsequent Year: $171,183
    Low Tetraplegia (C5-C8)
    First Year: $712,308
    Each Subsequent Year: $105,013
    Paraglegia
    First Year: $480,431
    Each Subsequent Year: $63,643
    Estimated Lifetime Costs by Age of Injury
    High Tetraplegia
    25 Years Old: $4,373,912
    50 Years Old: $2,403,828
    Low Tetraplegia
    25 Years Old: $3,195,853
    50 Years Old: $1,965,735
    Paraplegia
    25 Years Old: $2,138,824
    50 Years Old: $1,403,646
    It helps to know know where you have to aim.

    All the best,
    GJ
    I wonder if the non out of pocket medical expense component of these numbers is what health providers bill or are actually paid? They seem very overstated to me.

    I'm a c7 and my medical expenses (what I pay and what my insurer pays) are way under 10K annually and I go without nothing as far as care goes. And my non medical expenses are far less than my medical expenses.

  2. #22
    Quote Originally Posted by brucec View Post
    just wanted to say this is a very good thread
    Now THIS is something we CAN agree on Bruce!

    lots of great thoughtful input!
    "The trick is in what one emphasizes. We either make ourselves miserable, or we make ourselves happy. The amount of work is the same.” ~Carlos Castaneda

  3. #23
    Quote Originally Posted by Patton57 View Post
    I wonder if the non out of pocket medical expense component of these numbers is what health providers bill or are actually paid? They seem very overstated to me.

    I'm a c7 and my medical expenses (what I pay and what my insurer pays) are way under 10K annually and I go without nothing as far as care goes. And my non medical expenses are far less than my medical expenses.
    I know what you are saying. i tried to drill down into the details of these numbers, but couldn't find concrete background information without registering on the site. I'm a C6/7 quad and I don't now (on age-related Medicare) and didn't before (on employer provided medical insurance) spend this kind of money per year. But, NL is my full time caregiver (cook, cleaning service, laundry service, driver, and so on and so on) and there may be a lot of $$$ tied to 24 hour caregivers and other services plus equipment (van and repairs etc. etc.) if not provided by a family member or members or friends.

    All the best,
    GJ

  4. #24
    Quote Originally Posted by gjnl View Post
    I know what you are saying. i tried to drill down into the details of these numbers, but couldn't find concrete background information without registering on the site. I'm a C6/7 quad and I don't now (on age-related Medicare) and didn't before (on employer provided medical insurance) spend this kind of money per year. But, NL is my full time caregiver (cook, cleaning service, laundry service, driver, and so on and so on) and there may be a lot of $$$ tied to 24 hour caregivers and other services plus equipment (van and repairs etc. etc.) if not provided by a family member or members or friends.

    All the best,
    GJ
    The unemployment rate is extremely high in the SCI population and it might be that they are also factoring in the opportunity cost of not working.

  5. #25
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    fourwhlhntr, I'm also on the bogleheads.org site (was referred to it only a few months ago) and have adopted that approach for investing and asset allocation and tax efficiency.

    Quote Originally Posted by truly View Post
    I've been saving in IRAs and 401Ks since they've been available. I recently pulled back on adding to those investments and am saving in regular savings accounts. Retirement seems like a long ways off (10 years) and if I want to retire early and use the investments I've built up, there doesn't seem to be a good way to do it.
    YES! I'm still trying to max out my tax advantaged accounts (401k and Roth IRA) but as I think about retirement, I figure I will likely retire before age 65 (hoping to live that long!) and will need to draw down my investments. I'm within the income limits for the Roth IRA, and my understanding is that I can withdraw my contributions at any time without tax penalty, so I may end up drawing on that money when I retire.

    I'm considering whether it's better to put some funds in taxable instead of Roth IRA for the money I'll need in "early-retirement." I think I'm better off still contributing to my Roth IRA instead of putting money in a taxable account. Are there any cons to doing this? Is there any disadvantage in contributing to the Roth IRA each year (where gains are tax free) and doing an early withdrawal of contributions instead?

  6. #26
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    Quote Originally Posted by Patton57 View Post
    I wonder if the non out of pocket medical expense component of these numbers is what health providers bill or are actually paid? They seem very overstated to me.
    I'm skeptical of those numbers being the out-of-pocket costs (as opposed to some combination of medical benefits + copays, coinsurances & deductibles). If this is truly case (out of pocket), I should simply stop saving any money all, since there's no way I'll be able to pay the projected $64k per year as a para. I might as well spend what I have now to have a decent quality of life and then plan on just dying quickly, since running out of money is inevitable for all but the wealthiest.

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