Retirement Savings
Do you have a retirement savings plan at work, such as a 401(k) or 403(b) plan, or an IRA you opened on your own? Most of these plans allow you to withdraw money without penalty if you become permanently disabled or use the money to pay medical bills that exceed a certain percentage of your income. IRAs can have more penalty-free withdrawal options than employer retirement plans, so, if you have left your job, it might be a good idea to "roll over" savings in your employer plan to an IRA.
Talk with your retirement plan administrator or a representative at the company managing your IRA about withdrawal options given your life-limiting illness. Be aware that you may have to pay income taxes on money withdrawn from most retirement plans and the amount you receive may affect your ability to receive government assistance.
If you have earned a pension from an employer, you might be able to start getting payments from the pension fund—even if you are not yet 65. Contact the employer's pension plan administrator.
Free resources on a wide range of
end-of-life topics.
