Hep C Discussion Forum

Members Login
Username 
 
Password 
    Remember Me  
Chatbox
Please log in to join the chat!
Hep C Discussion Forum -> Post Treatment -> Thinking about retiring early and questions.
Post Info TOPIC: Thinking about retiring early and questions.
Huey


Guru

Status: Offline
Posts: 678
Date:
RE: Thinking about retiring early and questions.
Permalink  
 

Isiscat2011 wrote:

Hi Duane:

You should be able to qualify for the SSDI Compassionate Allowance Program and also avoid the 10% IRS early distribution penalty.  The 10% penalty will be waived if you are disabled.  The precise definition of "disabled" may vary by agency or document, but generally an SSA disability determination will suffice, so if the SSA considers you disabled so will the IRS.  Make sure your 401K administrator classifies the early withdrawal properly on your 1099.  Here is some more information about that:  

http://www.avvo.com/legal-guides/ugc/how-to-avoid-paying-the-10-early-withdrawl-penalty-on-your-401k-distribution-if-you-are-disabled

As to the SSDI claim liver cancer is specifically listed as a qualifying Compassionate Allowance condition.  Check it out here:

http://www.ssa.gov/compassionateallowances/conditions.htm

As you probably already know the Compassionate Allowance qualification will allow you to skip the 5 month waiting period to begin receiving SSDI.  You should qualify for SSDI without too much trouble because HCC is a listed impairment under section 13.19:

http://www.ssa.gov/disability/professionals/bluebook/13.00-NeoplasticDiseases-Malignant-Adult.htm

You may wish to talk with an attorney who specializes in disability law as well as to your accountant before making any sudden moves but I think you are on safe ground with both the SSA and the IRS assuming this is done properly.  Your treating physicians will be critical in providing the necessary medical documentation,but that shouldn't be a problem, because you have a pretty great bunch of docs from what I can tell.  

Some things in life are overrated but being able to spend your time as you wish isn't one of them!  It sounds like you have done some financial planning and you and your family will be ok.  When you have less $$ coming in you may need to make some adjustments to have less $$ going out but as we get older we don't need all the goodies.  Just being physically and mentally comfortable becomes the goal.  Good health insurance coverage is a must but I'm guessing your wife's job as a nurse may have that just about covered.  SSDI comes with Medicare coverage after 24 months.  

Send me a PM whenever you like.  Good luck with this decision my friend.  

 I was looking for all this info as well. Thanks Isis. Your the Cat!



__________________

  HCV Genotype 3a , now Psot-Tx was on S/riba. First VL was 5.8 mil on 7-5-13 then "und" at 3.8 weeks. 06/13/14 still und. off meds 3 days back on 7/29 Last pill 08/10/14 SVR+4

 
Isiscat2011


Guru

Status: Offline
Posts: 1724
Date:
Permalink  
 

Hi Duane:

You should be able to qualify for the SSDI Compassionate Allowance Program and also avoid the 10% IRS early distribution penalty.  The 10% penalty will be waived if you are disabled.  The precise definition of "disabled" may vary by agency or document, but generally an SSA disability determination will suffice, so if the SSA considers you disabled so will the IRS.  Make sure your 401K administrator classifies the early withdrawal properly on your 1099.  Here is some more information about that:  

http://www.avvo.com/legal-guides/ugc/how-to-avoid-paying-the-10-early-withdrawl-penalty-on-your-401k-distribution-if-you-are-disabled

As to the SSDI claim liver cancer is specifically listed as a qualifying Compassionate Allowance condition.  Check it out here:

http://www.ssa.gov/compassionateallowances/conditions.htm

As you probably already know the Compassionate Allowance qualification will allow you to skip the 5 month waiting period to begin receiving SSDI.  You should qualify for SSDI without too much trouble because HCC is a listed impairment under section 13.19:

http://www.ssa.gov/disability/professionals/bluebook/13.00-NeoplasticDiseases-Malignant-Adult.htm

You may wish to talk with an attorney who specializes in disability law as well as to your accountant before making any sudden moves but I think you are on safe ground with both the SSA and the IRS assuming this is done properly.  Your treating physicians will be critical in providing the necessary medical documentation,but that shouldn't be a problem, because you have a pretty great bunch of docs from what I can tell.  

Some things in life are overrated but being able to spend your time as you wish isn't one of them!  It sounds like you have done some financial planning and you and your family will be ok.  When you have less $$ coming in you may need to make some adjustments to have less $$ going out but as we get older we don't need all the goodies.  Just being physically and mentally comfortable becomes the goal.  Good health insurance coverage is a must but I'm guessing your wife's job as a nurse may have that just about covered.  SSDI comes with Medicare coverage after 24 months.  

Send me a PM whenever you like.  Good luck with this decision my friend.  



__________________

Diagnosed in 2011, Incivek triple in 2011, tx discontinued, Genotype 1a, CT, VL 7mill, cirrhosis dx in 2012, age 67, waiting for new DAAs.
Dzdayscomin


Senior Member

Status: Offline
Posts: 471
Date:
Permalink  
 

Groupergetter wrote:

Duane,  whatever you decide. we wish you and your wife the best.  You are such an inspiration to all here.  I may be joining you in early retirement as I'm pretty certain our office will be closing by June 30 next year.    

Wish I could be of more help in the different aspects of retirement. Sometimes these decisions are a leap of faith. If it wasn't for health insurance costs, I wouldn't have such concerns.   Like you, I've worked my whole life and am ready for a break.  We are expecting our first grandchild early next year which will be a blessing.  Keeping you in prayer.   God Bless

 Congrats on the grandchild......it is the coolest thing in my whole life....I get another in Dec. God willing.... So im really pumped up for that.

Thank you and God Bless you as well!

Duane



__________________

53yr M 1a acq 12/83 cirr pre tx MELD 17  tx nv diag 1/29/12  tx S/O 3/5/14  trans list.

EOT 5/28/14 UND 6/12/14 SVR 8/29/14 MELD 14 dx HCC 9/5/2014 tumor ablation 9/24/14

In the 10K lakes State It's not about us but those around us.
Groupergetter


Guru

Status: Offline
Posts: 796
Date:
Permalink  
 

Duane,  whatever you decide. we wish you and your wife the best.  You are such an inspiration to all here.  I may be joining you in early retirement as I'm pretty certain our office will be closing by June 30 next year.    

Wish I could be of more help in the different aspects of retirement. Sometimes these decisions are a leap of faith. If it wasn't for health insurance costs, I wouldn't have such concerns.   Like you, I've worked my whole life and am ready for a break.  We are expecting our first grandchild early next year which will be a blessing.  Keeping you in prayer.   God Bless



__________________

1b  Int/Riba relapse @ 48 weeks.  Stop tx Peg Int/Riba 12 weeks ill. Relapse S/O 6/23/14 :(   Started Harvoni 11/12/14  EOT 4/28/15.  EOT+4 UND :)  SVR! 8/4/15  :)     Thankful for every morning.
Tig


Admin

Status: Offline
Posts: 9281
Date:
Permalink  
 

Hey D,

I had to retire before I hit 50 and fought hard to obtain Social Security Disability. There are a number of qualifiers and even though I had a number of qualifying events, the government still denied me 3 times. A final court date saw my appeal approved, along with an apology for jacking me around. I recommend a SSA attorney if you choose to do that. ISIS may be able to provide some recommendations in that arena. I also have a disability insurance policy that has helped but it doesn't pay for any cruises! I'm hoping to keep what 401k funds I have invested until my wife decides she wants to retire. When to tap into those funds remains a big question. I chose years ago to have my portfolio (ha,ha) managed by a firm that deals with those things. If you don't have someone advising you, it might be a worthwhile to speak with a money manager. The fees I've incurred have easily been covered by the profits of a trustworthy manager.

Tig



__________________

Tig

67yo GT1A - 5 Mil - A2/F3 - (1996) Intron A - Non Responder, (2013) Peg/Riba/Vic SOT:05/23/13 EOT:12/04/13 SVR 9+ years!

Hep C FAQ   Lab Ref. Ranges  HCV Resistance

Signature Line Set Up/Abbreviations   Payment Assistance

 
Milliganus


Senior Member

Status: Offline
Posts: 168
Date:
Permalink  
 

Duane,

I highly recommend retiring early if you can afford too.  I retired at 58, which was early, but with the Hep C and a family history of sudden heart attacks, my thinking was along your lines.  I can't advise about the 401K, but I know there is tons of info on the internet available from reputable sources that you could tap.

I sure am grateful I don't have to work right now and I'm learning a lot of life lessons about what is really important in this life, and working at a job I never really liked anyway is not important.  There is so much real need in this world and if we can make a difference there, that's what is lasting and important.

 

Good luck with your decision and enjoy each and every day, starting today!

 



__________________

Marcy

Long-term HCV, GT1a, IL28B C/T, T/G;  VL 2 mil.  Merck C-Edge Clinical trial  EOT 10/01/14. +24= UND
LC


Senior Member

Status: Offline
Posts: 473
Date:
Permalink  
 

I guess you considered going on long-term medical leave? I know at my last job, one of the programmers was pretty sick and he never officially retired, something to do with life insurance and how the payout benefits were better if still an employee on paper.

I was unemployed for 3 years recently, and I siphoned all my 401K to pay bills. I took a tax hit, but I figured that part was the part the company paid for.

In case there isn't a good authority on here that sees your post, is there an HR department that does your benefits or a company that handles your 401K?

__________________

Genotype 1a, VL 1,151,923.  51 years old.  Started treatment on AbbVie TOPAZ II clinical trial Oct 10, 2014!  Undetected at weeks 2 and 4! 
Dzdayscomin


Senior Member

Status: Offline
Posts: 471
Date:
Permalink  
 

I think I'll be ok barring any more HCC just thinking about not spending all my time at work.....and I think I could at least plan for it in the case things do go downhill, you now what they say "hope and pray for the best,but plan for the worst" got a few things to payoff 1st and it's kind of a deal where i would get some enjoyment without leaving my best friend (wife) in destitute by being selfish too soon.....



__________________

53yr M 1a acq 12/83 cirr pre tx MELD 17  tx nv diag 1/29/12  tx S/O 3/5/14  trans list.

EOT 5/28/14 UND 6/12/14 SVR 8/29/14 MELD 14 dx HCC 9/5/2014 tumor ablation 9/24/14

In the 10K lakes State It's not about us but those around us.
LC


Senior Member

Status: Offline
Posts: 473
Date:
Permalink  
 

Duane, I don't know anything about 401k's and penalties, but if you think there's a good possibility you aren't going to be with us much longer - I think you are certainly doing the most intelligent way by retiring early to better enjoy the time you have left.  I sure hope things turn around for you.  cry  Hugs.



__________________

Genotype 1a, VL 1,151,923.  51 years old.  Started treatment on AbbVie TOPAZ II clinical trial Oct 10, 2014!  Undetected at weeks 2 and 4! 
Dzdayscomin


Senior Member

Status: Offline
Posts: 471
Date:
Permalink  
 

So I have been kicking around the idea of retiring early......being I have primary liver cancer I believe I qualify for the Compassionate Allowance with the SSDI I have a substantial 401k balance and wondering if anyone knows what obstacles I would run into? I believe I may be able to take distributions from my 401k without the 10% penalty but I dont know for sure so I'd like some of you with accounting or legal backround to give me some advice, or anyone else that has taken this path to advise me, of course strictly on opinion and knowledge.....I really don't  know what the future holds but I don't want to go from the desk to the dust without having some time to enjoy what i have worked so hard for for the past 35 yrs.

So that said I'd like to hear any and all opinions on what if it were you....and especially from any lawyers or accountants with tax or estate planning knowledge.

Thanks in advance.

Duane



__________________

53yr M 1a acq 12/83 cirr pre tx MELD 17  tx nv diag 1/29/12  tx S/O 3/5/14  trans list.

EOT 5/28/14 UND 6/12/14 SVR 8/29/14 MELD 14 dx HCC 9/5/2014 tumor ablation 9/24/14

In the 10K lakes State It's not about us but those around us.
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
Hep C Discussion Forum -> Post Treatment -> Thinking about retiring early and questions.
Legal Disclaimer:

THIS FORUM, IT'S OWNERS, ADMINISTRATORS, MODERATORS AND MEMBERS DO NOT AT ANY TIME GIVE MEDICAL ADVICE AND IN ALL CASES REFER ANYONE HERE TO SEEK APPROPRIATE MEDICAL ADVICE FROM THEIR DOCTOR.