Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    

Windfall advice for dad - Serious help needed

Reply to topic
Money Talk > Personal Finance

Author Thread
First Time Poster

Cash: $ 0.25

Posts: 1
Joined: 31 Aug 2017
Location: United States
Windfall advice for dad - Serious help needed  Reply with quote  

My father called me yesterday to get some advice. I is going to be receiving (already won his appeal through California State) close to $60,000 from Social Security Disability in the very near future.
He is turning 59 years old in December.
Virtually no assets: rents a one bedroom garage apartment, owns a motorcycle... Thats it.
Officially placed on disability in June 2017.
Less than $1200/mo from disability from SSDI; no other income.
At that time they automatically enrolled him in parts A&B of Medicare.
Part B premium being withheld from SSDI.

All medical care has been provided from VA since 2010.

Heart issues.
Seems to be having memory issues; progressing.
He has been disabled, and unable to work since 2010...

Long story short; this "windfall" has to extend/last him for the rest of his life.
He wants to move away from California. He asked me if he should buy an old trailer, and a little plot of land out here in Kentucky near me. I just started working in insurance (life and health), but I don't know enough to really advise properly.

1) Should he be on Part B of Medicare if he is on VA insurance?
2) With less than $1200 monthly income, wouldn't he qualify for Medicaid or Medical, if he did have to be in the Medicare system?
3) Any ideas or plans for making this money have the greatest impact, or stretch the farthest?

Please help!!! Thanks in advance everyone.
Post Thu Aug 31, 2017 6:34 pm
 View user's profile Send private message
First Time Poster

Cash: $ 0.20

Posts: 1
Joined: 09 Aug 2017

Planning for Early Retirement | retirocracy.com  Reply with quote  

Ask us how you can reduce your corporate and personal liabilities through Safe Harbor ... Contact a
Financial Advisor today about your <a href="http://retirocracy.com/">retirement plan</a>.
Post Sat Sep 23, 2017 3:11 am
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      

Money Talk © 2003-2016