Guest guest Posted March 22, 2005 Report Share Posted March 22, 2005 Hi everyone. I have been wondering about financial planning ideas for people like us with a disease that could shorten life spans. In the US the retirement age is 65. That is when goverment benefits (Social Security) kick in to help with living expenses. 401K retirement plans don't allow you to withdraw money until age 59. I'm 33 and experienced kidney failure at age 30. I think 20-30 years on combinations of dialysis and transplant is really generous. If that is the case, I'll be saving up money and working until I'm at least 60 before I can retire. That sounds awful. I'd hope that I could retire at 50 so I can enjoy a few years without the requirement to work before a take the long walk. Do any of you have retirement plans that will allow you to cash out earlier than age 60? Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 Hi Amy, I completely agree that being as debt free as possible is key. I work on that philosophy as well. Your last sentence is right on the money :-) Time is much more precious than money! In a message dated 3/23/2005 10:53:33 A.M. Pacific Standard Time, purrfect@... writes: Since my diagnosis we have been working on paying down/paying off all our debt so that my husband can lighten up his work load and give us more free time together. When it comes right down to it....time is more precious than any sum of money. Amy G. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 Hi Amy, I completely agree that being as debt free as possible is key. I work on that philosophy as well. Your last sentence is right on the money :-) Time is much more precious than money! In a message dated 3/23/2005 10:53:33 A.M. Pacific Standard Time, purrfect@... writes: Since my diagnosis we have been working on paying down/paying off all our debt so that my husband can lighten up his work load and give us more free time together. When it comes right down to it....time is more precious than any sum of money. Amy G. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 Hi Amy, I completely agree that being as debt free as possible is key. I work on that philosophy as well. Your last sentence is right on the money :-) Time is much more precious than money! In a message dated 3/23/2005 10:53:33 A.M. Pacific Standard Time, purrfect@... writes: Since my diagnosis we have been working on paying down/paying off all our debt so that my husband can lighten up his work load and give us more free time together. When it comes right down to it....time is more precious than any sum of money. Amy G. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 Hi , Aren't there exceptions to cashing out your 401(k) without penalty? I have friends who used theirs to finance their education and make down payments on new homes. Even if there isn't a health exception, would it be unrealistic to turn it into an asset like a home and then sell the home? During the tech bust, several folks I know tapped their 401K's (and paid the penalty for doing so). If I remember correctly, the word was to take out everything you need - because you get hit with the penalty again if you have to tap it again. Sorry I can't be of more help. Cy Financial Planning > > > Hi everyone. I have been wondering about financial planning ideas for > people like us with a disease that could shorten life spans. In the US > the retirement age is 65. That is when goverment benefits (Social > Security) kick in to help with living expenses. 401K retirement plans > don't allow you to withdraw money until age 59. I'm 33 and experienced > kidney failure at age 30. I think 20-30 years on combinations of > dialysis and transplant is really generous. If that is the case, I'll > be saving up money and working until I'm at least 60 before I can > retire. That sounds awful. I'd hope that I could retire at 50 so I can > enjoy a few years without the requirement to work before a take the > long walk. Do any of you have retirement plans that will allow you to > cash out earlier than age 60? > > > > > > > To edit your settings for the group, go to our Yahoo Group > home page: > http://groups.yahoo.com/group/iga-nephropathy/ > > To unsubcribe via email, > iga-nephropathy-unsubscribe > Visit our companion website at www.igan.ca. The site is entirely supported by donations. If you would like to help, go to: > http://www.igan.ca/id62.htm > > Thank you > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 Hi , Aren't there exceptions to cashing out your 401(k) without penalty? I have friends who used theirs to finance their education and make down payments on new homes. Even if there isn't a health exception, would it be unrealistic to turn it into an asset like a home and then sell the home? During the tech bust, several folks I know tapped their 401K's (and paid the penalty for doing so). If I remember correctly, the word was to take out everything you need - because you get hit with the penalty again if you have to tap it again. Sorry I can't be of more help. Cy Financial Planning > > > Hi everyone. I have been wondering about financial planning ideas for > people like us with a disease that could shorten life spans. In the US > the retirement age is 65. That is when goverment benefits (Social > Security) kick in to help with living expenses. 401K retirement plans > don't allow you to withdraw money until age 59. I'm 33 and experienced > kidney failure at age 30. I think 20-30 years on combinations of > dialysis and transplant is really generous. If that is the case, I'll > be saving up money and working until I'm at least 60 before I can > retire. That sounds awful. I'd hope that I could retire at 50 so I can > enjoy a few years without the requirement to work before a take the > long walk. Do any of you have retirement plans that will allow you to > cash out earlier than age 60? > > > > > > > To edit your settings for the group, go to our Yahoo Group > home page: > http://groups.yahoo.com/group/iga-nephropathy/ > > To unsubcribe via email, > iga-nephropathy-unsubscribe > Visit our companion website at www.igan.ca. The site is entirely supported by donations. If you would like to help, go to: > http://www.igan.ca/id62.htm > > Thank you > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 Hi , Aren't there exceptions to cashing out your 401(k) without penalty? I have friends who used theirs to finance their education and make down payments on new homes. Even if there isn't a health exception, would it be unrealistic to turn it into an asset like a home and then sell the home? During the tech bust, several folks I know tapped their 401K's (and paid the penalty for doing so). If I remember correctly, the word was to take out everything you need - because you get hit with the penalty again if you have to tap it again. Sorry I can't be of more help. Cy Financial Planning > > > Hi everyone. I have been wondering about financial planning ideas for > people like us with a disease that could shorten life spans. In the US > the retirement age is 65. That is when goverment benefits (Social > Security) kick in to help with living expenses. 401K retirement plans > don't allow you to withdraw money until age 59. I'm 33 and experienced > kidney failure at age 30. I think 20-30 years on combinations of > dialysis and transplant is really generous. If that is the case, I'll > be saving up money and working until I'm at least 60 before I can > retire. That sounds awful. I'd hope that I could retire at 50 so I can > enjoy a few years without the requirement to work before a take the > long walk. Do any of you have retirement plans that will allow you to > cash out earlier than age 60? > > > > > > > To edit your settings for the group, go to our Yahoo Group > home page: > http://groups.yahoo.com/group/iga-nephropathy/ > > To unsubcribe via email, > iga-nephropathy-unsubscribe > Visit our companion website at www.igan.ca. The site is entirely supported by donations. If you would like to help, go to: > http://www.igan.ca/id62.htm > > Thank you > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 Hi Chuck, I don't have a retirement plan that will allow me to retire before 60 either. I just figure that you have to plan and hope for the best, but if not, then my kids will get my 401K and it will make their lives easier. It is true that people with chronic kidney disease are 10-20 times more likely to have cardiac complications that certainly can be life threatening, but on the other hand, people with IgAN tend to be in better overall health than those with other kinds of kidney disease. Thus, our long term prognosis is better than those with kidney failure due to diabetes or other reasons. Financial Planning Hi everyone. I have been wondering about financial planning ideas for people like us with a disease that could shorten life spans. In the US the retirement age is 65. That is when goverment benefits (Social Security) kick in to help with living expenses. 401K retirement plans don't allow you to withdraw money until age 59. I'm 33 and experienced kidney failure at age 30. I think 20-30 years on combinations of dialysis and transplant is really generous. If that is the case, I'll be saving up money and working until I'm at least 60 before I can retire. That sounds awful. I'd hope that I could retire at 50 so I can enjoy a few years without the requirement to work before a take the long walk. Do any of you have retirement plans that will allow you to cash out earlier than age 60? To edit your settings for the group, go to our Yahoo Group home page: http://groups.yahoo.com/group/iga-nephropathy/ To unsubcribe via email, iga-nephropathy-unsubscribe Visit our companion website at www.igan.ca. The site is entirely supported by donations. If you would like to help, go to: http://www.igan.ca/id62.htm Thank you Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 I haven't found any IRA or 401K plans that offer early retirement but you can take out short term CD's that might help you save for early retirement. There is also I book I love called " Your Money or Your Life " by Joe Dominguez and Vicki Robin. It goes into practical ways to rethink your relationship with money and what really is " enough " . I use quite a few of the ideas from this book in my life now and it has helped me come to terms with living within our means and loving it. It really helped to put things in perspective for us after my diagnosis. I'm 35, stay at home mom with two kids I homeschool (on the cheap)....I currently have roughly 40% function but I also have the aggressive form of IgAN....we aren't sure what the near future holds for me. So we are planning for the worst and hoping for the best when it comes to our finances. Thankfully my husbands work has a spousal life insurance rider so I have some coverage thru there, beyond that I have nothing. Since my diagnosis we have been working on paying down/paying off all our debt so that my husband can lighten up his work load and give us more free time together. When it comes right down to it....time is more precious than any sum of money. Amy G. Financial Planning Hi everyone. I have been wondering about financial planning ideas for people like us with a disease that could shorten life spans. In the US the retirement age is 65. That is when goverment benefits (Social Security) kick in to help with living expenses. 401K retirement plans don't allow you to withdraw money until age 59. I'm 33 and experienced kidney failure at age 30. I think 20-30 years on combinations of dialysis and transplant is really generous. If that is the case, I'll be saving up money and working until I'm at least 60 before I can retire. That sounds awful. I'd hope that I could retire at 50 so I can enjoy a few years without the requirement to work before a take the long walk. Do any of you have retirement plans that will allow you to cash out earlier than age 60? To edit your settings for the group, go to our Yahoo Group home page: http://groups.yahoo.com/group/iga-nephropathy/ To unsubcribe via email, iga-nephropathy-unsubscribe Visit our companion website at www.igan.ca. The site is entirely supported by donations. If you would like to help, go to: http://www.igan.ca/id62.htm Thank you Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 I haven't found any IRA or 401K plans that offer early retirement but you can take out short term CD's that might help you save for early retirement. There is also I book I love called " Your Money or Your Life " by Joe Dominguez and Vicki Robin. It goes into practical ways to rethink your relationship with money and what really is " enough " . I use quite a few of the ideas from this book in my life now and it has helped me come to terms with living within our means and loving it. It really helped to put things in perspective for us after my diagnosis. I'm 35, stay at home mom with two kids I homeschool (on the cheap)....I currently have roughly 40% function but I also have the aggressive form of IgAN....we aren't sure what the near future holds for me. So we are planning for the worst and hoping for the best when it comes to our finances. Thankfully my husbands work has a spousal life insurance rider so I have some coverage thru there, beyond that I have nothing. Since my diagnosis we have been working on paying down/paying off all our debt so that my husband can lighten up his work load and give us more free time together. When it comes right down to it....time is more precious than any sum of money. Amy G. Financial Planning Hi everyone. I have been wondering about financial planning ideas for people like us with a disease that could shorten life spans. In the US the retirement age is 65. That is when goverment benefits (Social Security) kick in to help with living expenses. 401K retirement plans don't allow you to withdraw money until age 59. I'm 33 and experienced kidney failure at age 30. I think 20-30 years on combinations of dialysis and transplant is really generous. If that is the case, I'll be saving up money and working until I'm at least 60 before I can retire. That sounds awful. I'd hope that I could retire at 50 so I can enjoy a few years without the requirement to work before a take the long walk. Do any of you have retirement plans that will allow you to cash out earlier than age 60? To edit your settings for the group, go to our Yahoo Group home page: http://groups.yahoo.com/group/iga-nephropathy/ To unsubcribe via email, iga-nephropathy-unsubscribe Visit our companion website at www.igan.ca. The site is entirely supported by donations. If you would like to help, go to: http://www.igan.ca/id62.htm Thank you Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 I haven't found any IRA or 401K plans that offer early retirement but you can take out short term CD's that might help you save for early retirement. There is also I book I love called " Your Money or Your Life " by Joe Dominguez and Vicki Robin. It goes into practical ways to rethink your relationship with money and what really is " enough " . I use quite a few of the ideas from this book in my life now and it has helped me come to terms with living within our means and loving it. It really helped to put things in perspective for us after my diagnosis. I'm 35, stay at home mom with two kids I homeschool (on the cheap)....I currently have roughly 40% function but I also have the aggressive form of IgAN....we aren't sure what the near future holds for me. So we are planning for the worst and hoping for the best when it comes to our finances. Thankfully my husbands work has a spousal life insurance rider so I have some coverage thru there, beyond that I have nothing. Since my diagnosis we have been working on paying down/paying off all our debt so that my husband can lighten up his work load and give us more free time together. When it comes right down to it....time is more precious than any sum of money. Amy G. Financial Planning Hi everyone. I have been wondering about financial planning ideas for people like us with a disease that could shorten life spans. In the US the retirement age is 65. That is when goverment benefits (Social Security) kick in to help with living expenses. 401K retirement plans don't allow you to withdraw money until age 59. I'm 33 and experienced kidney failure at age 30. I think 20-30 years on combinations of dialysis and transplant is really generous. If that is the case, I'll be saving up money and working until I'm at least 60 before I can retire. That sounds awful. I'd hope that I could retire at 50 so I can enjoy a few years without the requirement to work before a take the long walk. Do any of you have retirement plans that will allow you to cash out earlier than age 60? To edit your settings for the group, go to our Yahoo Group home page: http://groups.yahoo.com/group/iga-nephropathy/ To unsubcribe via email, iga-nephropathy-unsubscribe Visit our companion website at www.igan.ca. The site is entirely supported by donations. If you would like to help, go to: http://www.igan.ca/id62.htm Thank you Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 23, 2005 Report Share Posted March 23, 2005 I'd like to thank everyone for their thoughtful responses. I've found out that once you are ESRD you are considered diabled for Social Security. So at a minimum I could start drawing Social Security early if my health ever falters (it takes six months for payments to start after you reqiest them). I now plan on seeing a financial consultant for some more guidance. I'll share what I hear with you on the forum! > I haven't found any IRA or 401K plans that offer early retirement but you can take out short term CD's that might help you save for early retirement. There is also I book I love called " Your Money or Your Life " by Joe Dominguez and Vicki Robin. Quote Link to comment Share on other sites More sharing options...
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