Hello, I posted a while back but can't remember the email or pwd I used for the screenname.
Here is the synopsis: Am 44 years old, lost job, 480K in liquid assets, no dependents. You guys gave great feedback, such as IA, SPIA, catastrophic insurance, filing for SSDI, etc.
Shortly after posting, filed for SSDI. Was denied. Since then, have done a lot of research on what is required to get SSDI. In short, my chances of getting approved are infinitessimal....you have to prove that you are unable to work any job.
Am in the twilight zone.....too disabled to work, yet probably not disabled enough to fit SSDI requirements. I do have a law firm helping me but even with their help I seriously doubt my chances of winning....am too young and don't have the documentation or support that is needed, as am not one to complain about my ailments and tend to say everything is "fine". So please humor me and factor in that I probably WILL NOT be eligible for SSDI.
The other concern is SS retirement. SS will not exist (most likely) by the time I reach retirement age.
Thus, I have approximately 480K that has to last for a lifetime. On the good side, expenses don't add up to much over 22K - this includes meds for chronic pain, neurological problems, etc.
Tried FireCalc and had trouble interpreting the results. I have a CFP handling my funds, but there is a sales charge. CFP gave estimated return on porfolio, said this factors in sales charge. FireCalc has a .18 default management fee thingy in there - do I delete it to zero, because I still have 480K invested after the upfront sales charge? Or do most funds have management fees above and beyond this? Sorry these questions are so general but really new at all of this.
Also, I'm not sure how the choice buttons work on FireCalc when you choose "Your Portfolio". My funds are invested in so many different things (including stocks and bonds), that it seems choosing the bottom button (random) rather than the top button (stocks and "fixed income"?) makes more sense. Am assuming the default inflation rate of 3% is correct. However, they don't factor in taxes do they? (I must be in the lowest bracket, being unemployed)
OK, if you've read this far, maybe you can help gauge how S.O.L. I really am. SS retirement won't be around. SSDI is such a longshot to be not even worth contemplating (though going through the motions anyway).
Am concerned about health care options - funds are invested fairly conservatively, so SWR isn't much over $10K per year. Any individual (even catastrophic) health plan would take a huge chunk out.
Thus, only hope is nationalized healthcare in the US. If someone can explain in what direction we are moving with regard to this, it would be greatly appreciated. Am so confused by all the articles out there, none a simple rundown on what an unemployed, disabled person can most expect.
Anyway, any comments or suggestions would be most welcome.
Here is the synopsis: Am 44 years old, lost job, 480K in liquid assets, no dependents. You guys gave great feedback, such as IA, SPIA, catastrophic insurance, filing for SSDI, etc.
Shortly after posting, filed for SSDI. Was denied. Since then, have done a lot of research on what is required to get SSDI. In short, my chances of getting approved are infinitessimal....you have to prove that you are unable to work any job.
Am in the twilight zone.....too disabled to work, yet probably not disabled enough to fit SSDI requirements. I do have a law firm helping me but even with their help I seriously doubt my chances of winning....am too young and don't have the documentation or support that is needed, as am not one to complain about my ailments and tend to say everything is "fine". So please humor me and factor in that I probably WILL NOT be eligible for SSDI.
The other concern is SS retirement. SS will not exist (most likely) by the time I reach retirement age.
Thus, I have approximately 480K that has to last for a lifetime. On the good side, expenses don't add up to much over 22K - this includes meds for chronic pain, neurological problems, etc.
Tried FireCalc and had trouble interpreting the results. I have a CFP handling my funds, but there is a sales charge. CFP gave estimated return on porfolio, said this factors in sales charge. FireCalc has a .18 default management fee thingy in there - do I delete it to zero, because I still have 480K invested after the upfront sales charge? Or do most funds have management fees above and beyond this? Sorry these questions are so general but really new at all of this.
Also, I'm not sure how the choice buttons work on FireCalc when you choose "Your Portfolio". My funds are invested in so many different things (including stocks and bonds), that it seems choosing the bottom button (random) rather than the top button (stocks and "fixed income"?) makes more sense. Am assuming the default inflation rate of 3% is correct. However, they don't factor in taxes do they? (I must be in the lowest bracket, being unemployed)
OK, if you've read this far, maybe you can help gauge how S.O.L. I really am. SS retirement won't be around. SSDI is such a longshot to be not even worth contemplating (though going through the motions anyway).
Am concerned about health care options - funds are invested fairly conservatively, so SWR isn't much over $10K per year. Any individual (even catastrophic) health plan would take a huge chunk out.
Thus, only hope is nationalized healthcare in the US. If someone can explain in what direction we are moving with regard to this, it would be greatly appreciated. Am so confused by all the articles out there, none a simple rundown on what an unemployed, disabled person can most expect.
Anyway, any comments or suggestions would be most welcome.