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Thread: Money and investment questions from a quad looking at retirement.

  1. #1
    Senior Member
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    Money and investment questions from a quad looking at retirement.

    I've worked my entire life post injury, 52 yrs old now, 22 when injured, C6-7 complete. I've got some $ in a 401k that I will need to live on for the duration after retirement.

    I'll have social security as well, not sure how much though. And if I understand correctly I'll be entitled to my deceased wife's ss benefits also, since I've never remarried.

    I have health insurance through my employer, which will stop at retirement. I've also paid caregivers out of pocket.

    I have no idea on who to talk to to make sure I'll minimize my tax exposure, take advantage of programs and services available, or what to do about health insurance.

    Has anyone else been through a similar situation? I really need some direction and advice.

    thanks,
    mark

  2. #2
    Contact a Financial Advisor, especially one who is a CFP. My husband is one and if you contact one, most of them will give you a free consultation to see how much help you need. A Certified Financial Planner is knowledgeable in all of the areas you have questions about.

  3. #3
    mthompson, I would start with an estate planner or elder care attorney with lots of experience with special needs trusts. I've included a link below. Also, last I checked, Medicaid has a 10 year "look back" period. This means that if you are not on Medicaid now, but could be in the future, you should try to explore options more than 10 years before your potential application date.

    Im not an expert in this myself. So, probably couldn't answer too many questions.

    Wish you the best!

    https://en.m.wikipedia.org/wiki/Special_needs_trust
    Jason

    C5/6 Complete - water skiing accident 1994.

  4. #4
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    Thank you guys.

    mark

  5. #5
    Might want to stay out of market for near term future. Chinese market is tumbling and ours doesn't seem stable either.

  6. #6
    I agree with seeing a Certified Financial Planner. My preference is for one who charges a fee rather than one profiting from the financial products they sell you.
    Tom

    "Blessed are the pessimists, for they hath made backups." Exasperated 20:12

  7. #7
    Senior Member ChesBay's Avatar
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    Because of your age will you try to collect Social Security Disability (SSDI)? It seems that would be your only option for SS until you get in your mid to late 60's. If you go on SSDI you probably want to carry insurance through COBRA and your current employer's insurance. It takes about two years to get become Medicare eligible.

    Just a few thoughts...
    Wish you well, you've earned it.

    This article was in business section of my Sunday paper:
    http://www.nextavenue.org/9-ways-ret...nging-in-2016/
    Last edited by ChesBay; 01-07-2016 at 05:48 PM. Reason: eta link

  8. #8
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    Thanks ChesBay, interesting article.

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