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Thread: retirement planning / disabled

  1. #11
    [QUOTE=Justus; These retirement accounts usually can't be access until I'd be in my mid 60s. [/QUOTE]

    Not sure about 401k's but with IRA's, once you are on ssdi and are deemed permanently disabled you can cash out any time penalty free. You'll have to pay the taxes on it at years end tho. I waited a year after getting on SSDI so my AGI was reduced for the lower tax rate before cashing some out.

    There are other reasons you can withdraw early as seen here
    About 1/3 page down.

    after a quick goog, same exemptions apply to 401k's withdrawal
    Last edited by DIGGER; 12-21-2012 at 04:04 PM.
    DIGG.

  2. #12
    Senior Member ChesBay's Avatar
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    Quote Originally Posted by brucec View Post
    just wanted to say this is a very good thread
    I agree. Some good advice & ideas.

    Seems we are dealing with a fairly normal situation , retirement, but with the unusual circumstance of disability.

  3. #13
    Quote Originally Posted by brucec View Post
    i have federal blue cross blue shield, but it's not that great, and has no long term care, so i just started a new thrift saving plan.
    bruce
    Bruce, if you are a federal employee, are you not eligible for that long-term care insurance?? There is no pre-existing condition exclusion for this:

    http://www.ltcfeds.com/

    (KLD)

  4. #14
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    Quote Originally Posted by DIGGER View Post
    Not sure about 401k's but with IRA's, once you are on ssdi and are deemed permanently disabled you can cash out any time penalty free. You'll have to pay the taxes on it at years end tho. I waited a year after getting on SSDI so my AGI was reduced for the lower tax rate before cashing some out.

    There are other reasons you can withdraw early as seen here
    About 1/3 page down.

    after a quick goog, same exemptions apply to 401k's withdrawal
    Thanks digger -- this is exactly the kind of information I was hoping to learn.

  5. #15
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    Quote Originally Posted by ChesBay View Post
    Seems we are dealing with a fairly normal situation , retirement, but with the unusual circumstance of disability.
    I agree. Retirement is normal and so should planning.

    I'm just trying to take into account factors such as fewer working years, shorter life expectancy, and a lower retirement age (the age when I will no longer be able to work) as well as increased out-of-pocket medical costs.

  6. #16
    Senior Member brucec's Avatar
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    Quote Originally Posted by SCI-Nurse View Post
    Bruce, if you are a federal employee, are you not eligible for that long-term care insurance?? There is no pre-existing condition exclusion for this:

    http://www.ltcfeds.com/

    (KLD)
    thanks, i looked at the pamplet last year, the first question was if you're in a wheelchair you weren't qualified, my aunt tried and after a physical she was disqualified, my understanding it is not a group policy like the healthcare.
    come to think of it, my brother was disqualified because of a bad back
    but i'll look into the links, thanks
    bruce
    We must reject the idea that every time a law's broken, society is guilty rather than the lawbreaker. It is time to restore the American precept that each individual is accountable for his actions.
    Ronald Reagan

  7. #17
    Senior Member brucec's Avatar
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    question 4 is

    Do you currently have, or have you ever been diagnosed with, or ever been treated for,
    any of the following conditions?
     Stroke (cerebrovascular
     Multiple sclerosis
    accident): with residual
     Muscular dystrophy
    impairment (such as
     Organ transplant
    paralysis, weakness,
    (excluding kidney,
    gait disturbance,
    bone marrow,
    vision disturbance,
    cornea transplants)
    mental impairment)
     Parkinson’s disease
     Transient ischemic attack
     Paraplegia or quadriplegia


    then after the 6 questions, it states

    If the answer to any of questions 1–6 in Part B is “YES,” you are NOT eligible for any of
    the insurance options under this program.
    We must reject the idea that every time a law's broken, society is guilty rather than the lawbreaker. It is time to restore the American precept that each individual is accountable for his actions.
    Ronald Reagan

  8. #18
    I've been reading through this thread to get some ideas since I have the same concerns. I've been working full time since I was 17, except for the 9 months I was off due to my injury. 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.

    I agree that things like 401Ks make a lot of sense since their pre-tax and sometimes matched by employers. However, when you get nearer to retirement, accessibility of funds becomes more important.

    I guess I need to get more educated. There may be ways I'm not familiar with.

  9. #19

    Exclamation

    I do not know the answers to you guys individual questions. However, I can recommend an excellent place to get answers to anything finance related, free of charge.
    http://www.bogleheads.org/

    The above forum is made up of a cross-section of all ages, all levels of financial status with the knowledge and wisdom that comes with each ones level of experience. There are experts in the financial field as well as a multitude of other fields.....sounds a lot like CareCure. They truly love to help.

    The Bogleheads forum has been a godsend for me in planning my (and my wife's financial future.

  10. #20
    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

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