Reply to Why are people obsessed with putting $$ in retirement?

Forum Index » Money and Finances

Reply to "Why are people obsessed with putting $$ in retirement?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]I have a coworker in his early 70s who is quite ill.  He is still attempting to come to work every day.  It's awful to see him, because he is too sick to be here.  We don't know the details, but it's been made clear he can't afford to stop working.

It's heartbreaking.

So yes, I will save for retirement.  I'd much rather have money leftover to pass to my kids than not have enough and be forced to work while elderly and infirm.[/quote]

He can't go out on disability?  [/quote]

He might not have purchased disability insurance in his younger years.   As you get older, it gets harder to be approved.

If he is a federal government worker, FERS disability applies, but there is a long, backed up approval period.  It took my husband 16 months to be approved, and he was VERY ill.  FERS disability benefits only replace 40% of your salary.

Social Security Disability is very hard to get, although for someone who is 70 it would be easier than for younger people.  The most it will pay is $2500 a month (and that is taken out of any other disability payments you are getting, not added onto it.)  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics