You are here: Home Colorectal Cancer Post Treatment 0 ... Colorectal ... How To Refine Your ...
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Colorectal Cancer: Post Treatment 0-6 Months: Finances: Stages 0,I

How To Refine Your Investment Strategy

« Previous

2/2

Retirement Plans

Continue to invest as much as you can in tax advantaged retirement plans such as IRAs and 401(k)s. Saving tax dollars is the same as earning extra money. 

  • You can usually withdraw money or borrow it if necessary. If you become disabled, withdrawals are usually without penalty. 
  • Money in a retirement account is protected from creditors. 

If you have more than one retirement account: 

  • First priority is to fund accounts in which your employer matches your contribution. The value of your contribution is increased as soon as you put it into the account.
  • Then consider:  Which accounts are easier to withdraw money from or borrow against in case of unexpected expense. Pay particular attention to when you can do these things as well as the costs you’ll pay, such as penalties.  Which accounts are earning you the most money.

If you need help with this decision, speak with a financial planner, your accountant or attorney.

If you still have money left, open new accounts to the maximum permitted by the tax laws.

Investments

The remainder of your investment strategy should include the possibility of a recurrence and the possibility of a shorter than normal life expectancy. That is not to say that colorectal cancer as such shortens your expectancy. If your particular situation shortens your life expectancy, take that into account. Survivorship A to Z documents on the subject explain how. For example, avoid investments that cannot readily be turned into cash.

A diagnosis heightens the importance of minimizing taxes. A diagnosis is not an excuse to skip filing. Plan to minimize chances of an audit. If audited, your diagnosis may help if you are audited.


Please share how this information is useful to you. 0 Comments

 

Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.