Guys, I'm retired (65) this year. Since I left work in 2000 on disability at 70% tax free pay. My Insurance was paid with after tax dollars which made the payments to me tax free. So, if my pay was $100,000 I receive $70,000 tax free, for example.
You can take any 401k money without penalty as long as you file as disabled. You will still be subjected to regular tax on the money as income. Your Soc. Sec. Also is taxed as income if it falls beyond the threshold for the tax year. You are disabled automatically if you are receiving SSD. You can save into a 401K anytime. By gov't do you mean state? Do they want money back from you from an award or settlement from a lawsuit? That they can and will do. I received a settlement from a suit brought against property owners of the pier I got hurt on. At that time I worked for Chase Manhattan bank. It took five years to bring the suit to fruition. I used $250k in medical expenses from insurance. The bank was self insured for their employees ergo it was my employer who wanted the $250k back. I argued that they were not part of the suit, had no steak in arguing the suit nor any downside if I had lost in court. Nope, by law they were entitled to that money back. Now, through arduous debate back and forth ( they knocked it down to $100k) Sent from my iPad > On Oct 24, 2014, at 19:23, [email protected] wrote: > > Anyone have luck saving in a 401k without the government declaring it an > assist. For services/care. Although not accessible until a certain age. > Please advise... > > > Nancy Pritchard > 802-355-3449 > Pall Spera Company Realtors, LLC > PO Box 507 > Morrisville, Vermont 05661 > [email protected] > > > >> On Oct 24, 2014, at 7:19 PM, Larry Willis <[email protected]> wrote: >> >> Yes, but I am not classified as disabled as long as I qualify for regular >> retirement. Crazy, I know, but true. >> >> Sent from my iPad >> >> Begin forwarded message: >> >>> Resent-From: [email protected] >>> From: [email protected] >>> Date: October 24, 2014 at 6:35:43 PM EDT >>> To: Larry Willis <[email protected]>, quad-list <[email protected]> >>> Subject: Re: [QUAD-L] Question >>> >>> You qualify for Medicare no matter your age if you are disabled. >>> >>> Meredith >>> >>> From: "Larry Willis" <[email protected]> >>> To: "quad-list" <[email protected]> >>> Sent: Friday, October 24, 2014 3:29:03 PM >>> Subject: [QUAD-L] Question >>> >>> I have a serious insurance question for you guys. I have private health >>> insurance through the Kentucky Retired Teachers Assoc. I just learned that >>> it will pay only 70% for 2015. That leaves a whopping 30% to come from me. >>> Is it possible or even worthwhile to get a supplemental policy to cover the >>> 30%? Or do those only apply to Medicare? At age 65 I will switch to >>> Medicare automatically. I am 62 now. My peeps got any wisdom on this? >>>
