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Old 11-10-2009, 01:17 PM   #21
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Originally Posted by Rustic23 View Post
4% inflation will double your cost every 18 years. If you currently live on $50,000 it will take $100,000 by the time you are 50 and $200,000 by the time you are 68!

That is exactly what is scaring the crap out of me..... I have two sons. One is 6 and the other is only 15 months. How are they going to go to college? That is why I have to start working on this now.
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Old 11-10-2009, 06:28 PM   #22
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Perhaps you and your wife could put your heads together and work up a plan so that she could help out financially in say 5 or 6 years. Historically women have helped their husbands without pay. Reverse this so that the income is credited to her. What could work will depend on her skills and interests.

As an example, if she is good with people and finances she could be a Conservator. You need to find out how people are selected by the Courts in the community you move to and, if appropriate, make a plan to get those assignments. You can be her 'assistant', with the extensive first aid training firefighters receive you can help her assess the medical needs of her clients as well as scheduling conferences and preparing reports. If your wife can't balance a checkbook and has little potential of mastering basic bookkeeping, this isn't an appropriate profession.

She needs to understand that the future will require teamwork and that you are happy to help with the household and family.
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Old 11-10-2009, 07:37 PM   #23
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She needs to understand that the future will require teamwork and that you are happy to help with the household and family.
And in case of qualms about this tactic, a peek at this thread may prove useful.

Getting Tired of The Questions and Snipes - Advice?
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Old 11-11-2009, 03:58 PM   #24
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Social Security

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Nope, no cola for me......
have you checked into your eligibility for social security disability
payments? that would be COLAed.

-LB
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Old 11-12-2009, 08:09 AM   #25
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You might want to see an attorney specializing in disabilities, as it sounds like that is where you are heading.

A $65,000 pension, at age 33, with no COLA just is not going to make it for you, unless you have A LOT of savings now or perhaps your wife becomes the main earner.
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Old 11-16-2009, 04:53 PM   #26
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Sorry to hear about your accident.

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Originally Posted by hugo121175 View Post
I have two sons. One is 6 and the other is only 15 months. How are they going to go to college?
If you are totally and permanently disabled at your age, you likely have more important things to worry about that your sons' future post-secondary education.

They can attend college, but you will probably be unable to provide much financial help. They can cover the cost by taking out student loans, earning scholarships, and/or working part-time. They can also reduce expenses by attend a relatively cheap local college, and residing at home.

There are plenty of ways to skin a cat.
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Old 11-16-2009, 05:02 PM   #27
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I am looking for somewhere we can raise our sons, and live a "Country" lifestyle. I do not like living around a lot of people, but we need a good school system as well. My retirement will only be around $65,000 to $70,000 per year.
Country living and a "good" school system may be an oxymoron, unless you live down the road from Phillips Academy or some such.

Good public schools are made by well to do parents who are very active in their local school, and who achieve some input into staffing in these schools.

Ha
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Old 11-16-2009, 06:26 PM   #28
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Country living and a "good" school system may be an oxymoron, unless you live down the road from Phillips Academy or some such.

Ha

Iowa seems to do it pretty well. Very rural, very good public school system, relatively low cost of living, really nice folks. A bit far from your families, but in between them.

Virginia and West Virginia and rural Pennsylvania also would be on my list of places to look. The area around Charlottesville, VA is just gorgeous.

I've also heard good things about Asheville, NC, but have never been there myself.

It might be worth looking at areas that have plenty of job opportunities for your wife, if she decides to seek work in the future.

And a $65,000/year pension is nothing to sneeze at. Sorry about your accident; glad they're taking care of you in that way.
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Old 11-17-2009, 06:48 AM   #29
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That is exactly what is scaring the crap out of me..... I have two sons. One is 6 and the other is only 15 months. How are they going to go to college? That is why I have to start working on this now.
There is also military service with the attendant G.I. bill benefits for school that go with it. That's been the "ticket out" for millions of people.
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Old 11-17-2009, 07:21 AM   #30
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I would agree that you need to work on a Plan B to deal with future inflation. This will be a killer. I would think that the best way to deal with it would either be to have you wife work or to start a small business.

There are a lot of ways to shield income in the context of a small business, many of which could help you avoid the earnings cap from your pension. One of the thing you would want to know is what exactly constitutes income that would hurt you with your pension. For example, if you have a small business and stash 40k of income in a retirement plan, is that income as defined by the pension rules? You will want to know this sort of thing.

Another area worth investigating is Delaware. They don't seem to tax anything. Having said that, were I in your shoes I would be packing up for CO or NM.
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cola check
Old 11-17-2009, 02:01 PM   #31
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cola check

I read up quite a bit on pensions and it struck me as very
odd that you have a disability pension with absolutely
no COLA (especially in a pension friendly state like NY).

You might want to double check on that.

Here is the plan summary for the pension used by a lot of New York
state and local public safety workers. (I don't know
if you're in this plan, but chances are you're in one similar)

New York State Comptroller - New York State and Local Retirement System - Publications

There is a COLA (albeit not a great one) that kicks in after
5 years. Hopefully you'll be pleasantly suprised to find out
that you do indeed have a COLA, too.

Again, best of luck with your recovery.
-LB
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Old 11-21-2009, 10:47 AM   #32
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Most fire fighters are unionized, he could also consult with his union. Also, ask the union rep if there are others they know who went on disability under similar circumstances and who have managed it well. Look for role models.

As big an issue, IMHO, is what to do with the rest of his life. Few former firefighters are happy sitting on the couch. It also effects family life. He and his wife need to create a life plan and they both need to understand what could happen to them economically if they both become dependent on the disability compensation.
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Old 11-21-2009, 03:22 PM   #33
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East Tennessee is a lovely place, and has an awesome university! (I am biased.) East Tennessee State University. People are agreeable and the cost of living is lower. Also the scenery and weather are wonderful! Fall color and Blue Ridge mountains.
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