I had injuries to my neck that does not allow me to continue to work. However I have a guranteed pension income but want some more opinions that I'm hoping to get here.
Im 34 and my wife is 26. We have 2 children who are physically disabled. My wife is no longer able to work and stays home to care for our disabled children. With my job and my injuries being work related the kids are able to attend any state college for free including books, meals and housing. So college is taken care of. I'm waiting for them to send me my final numbers but I expect my pension to be about 3600.00 a month and is not subject to taxes. I'm waiting to see the papers to know the actuarial reduction of the 3600.00 to leave my wife a half benefit when I die. The 3600.00 will go up depending on how the pension system does at 3% cost of living increases per year.
I have an additional disability insurance that will pay me roughly 1,500 a month that is also not taxable. This is paid until I'm 65. I have no idea how it will be calculated but eventually after a legal fight workers comp will have to also pay me a supplemental income for the rest of my life.
My wife and I have some real estate investments but other thana few thousand in our account all of our savings is tied up in the real estate with no other investments other than the real estate and pension.
We are able to live comfortably on the 3600.00. My plan was to take the 1500.00 a month and invest it for my wife when I pass as she will lose the 1500 a month from the disability insurance and her 3600 or its new figure with cost of living increases will be cut in half when i die. So I want to invest the 1500 a month so she can draw on it when she gets older to supplement the pension.
Will the 1500 be enough or what are some thoughts regarding this?
Im 34 and my wife is 26. We have 2 children who are physically disabled. My wife is no longer able to work and stays home to care for our disabled children. With my job and my injuries being work related the kids are able to attend any state college for free including books, meals and housing. So college is taken care of. I'm waiting for them to send me my final numbers but I expect my pension to be about 3600.00 a month and is not subject to taxes. I'm waiting to see the papers to know the actuarial reduction of the 3600.00 to leave my wife a half benefit when I die. The 3600.00 will go up depending on how the pension system does at 3% cost of living increases per year.
I have an additional disability insurance that will pay me roughly 1,500 a month that is also not taxable. This is paid until I'm 65. I have no idea how it will be calculated but eventually after a legal fight workers comp will have to also pay me a supplemental income for the rest of my life.
My wife and I have some real estate investments but other thana few thousand in our account all of our savings is tied up in the real estate with no other investments other than the real estate and pension.
We are able to live comfortably on the 3600.00. My plan was to take the 1500.00 a month and invest it for my wife when I pass as she will lose the 1500 a month from the disability insurance and her 3600 or its new figure with cost of living increases will be cut in half when i die. So I want to invest the 1500 a month so she can draw on it when she gets older to supplement the pension.
Will the 1500 be enough or what are some thoughts regarding this?