[boann]

Hi all,

I currently live from paycheck to paycheck and have no savings. I have a small-ish 401K.

is there anything i can or should do now in preparation - financially speaking - for the day I have to stop working full-time, should it ever come?

here are some specific questions:

1) would it be helpful to me to go to my local social security office and get info from them?
2) I currently have long term disability insurance through my work - is there some way i can keep that if i stop working - that sounds like a silly question nnow that i think about it but in case it wasn't obvious i am clueless about stuff like this
3) One can be officially disabled and still work, can't one?
4) if that is the case, what does becoming officially designated disabled consist of/mean - if there even *is* an official designation
5) i recently learned that SSDI does not pay for prescriptions - first of all, WHAT??? what good is it, then? seriously, that is insane. secondly, does anyone know if medicaid does? if so, how does one get on medicaid?

That's all i can think of for now. Any and all assistance appreciated.

boann

[MKane]

boann,

I'll try to answer your questions, but I'm no expert.

First, if you have long term disability where you work now, do NOT leave. It is precious.

Second, you can call the Social Security office or go to SSA.gov and get a form that you complete and send in that will give you a record of your earnings and an estimate of what your benefit would be if you became disabled.

Your LTD policy will explain to you what they consider disabled and how much if anything you can earn. If it is too comolicated go to your HR person and get them to explain it to you.

If you become disabled under Social Security you will get a benefit and will probably be eligible for Medicare. Medicaid is for people with limited (very) income, your LTD should rule that out. Medicare does have a Part D section for drugs, but I've found it worthless. Frankly with the price of Pd drugs you are on your own. You should also look into a Medicare supplemental policy. Believe me you will needit. Also, it takes awhile to be approve3d for Social Security so be sure to look into COBRA from your employerw for health coverage until you qualify for Medicare

Good luck!.

[reverett123]

not a pleasent subject but, having made my first stop at my local social security office yesterday, is on my mind. so, some thoughts-

1) do you have long term disability or long term care insurance? they are different. if ltd, then find out if you can already qualify and what it would pay. find out if you can earn a small amount of money in addition to what it might pay. sometimes the insurance company will help you with the social security process since they can stop paying you when the government starts.

if you have long term care ins, see if it will cover things that keep ypu in your home like assisting in shopping. some do because it is cheaper than a nursing home.

2) if you have time think about the possibility of a small business. preferably one that pays in cash. flea markets. crafts.

3) medicare comes with SS but there is a two-year wait and it doesn't pay much when it does start. start experimenting with mucuna and the dextromethorphan programs. ginseng too.

4) if you have a little saved (say $3000 to $5000), consider buying a used mobile home that the owners just want rid of and selling it "on time" to someone who needs it. banks won't make loans on such so there is an opportunity but it is not for everyone. if you think it might be for you, do two things- online google "Lonnie Scruggs" (literally "wrote the book"). then go to the nicer parks in your area and talk to the managers. some will be jerks but some will be nice folks. when you find the latter explain what you are trying to do and ask if they sometimes have homes for sale in the park.

the advantage to this is that it is passive income and, done properly, shouldn't affect your disability income since you aren't doing anything. rentals would be different but this is just repayment of a loan. but there is a lot of homework for you to do first. and, again, it is not for everyone.