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Financial Planning - Financial planning in general. (Moderated)
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Posted by JoeM on May 10, 2008, 5:06 pm
Hello,
I am a 50 year old single man with no dependents who has a decent job with
decent medical insurance, a defined benefit pension, 401k, some LTD
coverage, and some money in the bank. I live in the Boston area.
I was recently diagnosed with follicular lymphoma, and am currently in
treatment. It's a kind of cancer that typically responds well to treatment,
but almost always recurs. Median life expectancy has traditionally been
about 8 to 10 years for this disease, but there is evidence that newer
therapies are pushing that number up substantially.
I guess I have a number of questions about financial planning in my
situation. I believe that my job is secure at this time. I've been with
the company for close to 20 years. But in today's economy that's no
guarantee. I guess I want to position myself in the best way possible
considering potential contingencies (what if I lose my job at some point;
what if I am no longer able to work due to my illness at some point). I
have no idea if I would be eligible for Medicare or any other kind of
assistance. I wonder if there is anything I can do to protect the
availability of medical insurance at a reasonable cost in the event that one
of the contingencies abover were to occur. Or whether Massachusetts' new
law mandating medical insurance for all could potentially work to my favor
in the event of one of these contigencies.
Also, at the moment I am considering purchasing a condominium (I currently
rent). I am wondering how much condo I should buy. Is there any reason to
believe that a home purchase would be a protected or allowed asset if I need
to apply for financial assistance at some point in the future?
I realize this is a lot of questions. I should probably talk to a financial
planner, but I don't know how to find a FP who is knowledgeable about these
issues.
Would appreciate advice on any of this.
Thanks,
Joe
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