Retired with cancer

[hipec]

Just a question, can your pension distribution be switched to long term disability or can you sell out your pension in a lump sum due to terminal cancer

 

[BakerMayfield2018]

Just a question, can your pension distribution be switched to long term disability or can you sell out your pension in a lump sum due to terminal cancer

This is a question you are going to need to call and talk to your union hall about.

 

[hipec]

Ok thanks. I would rather take care of my end of life list myself than leave it to others.

 

[IVE GOTTA PACKAGE 4U]

Ok thanks. I would rather take care of my end of life list myself than leave it to others.

I honestly don't think they offer a lump payment option.

 

[hipec]

I didn't know if you can cash out the pension due to being terminally ill

 

[rod]

I didn't know if you can cash out the pension due to being terminally ill

How would anyone be able to determine what a pension is worth? It all depends on how long a person is able to draw it or if you choose to add your spouse to it (plan B). Did you take the "spouse included" plan where she continues to draw when you are gone? Sorry to be so blunt.

 

[hipec]

Yes I did

 

[hipec]

But she is ok She has a good job. But I rather pay everything off And leave rest in a ira

 

[hipec]

I just never seen a post on this, I retired under the ups pension due to being 49 years old

 

[rod]

Yes I did

If your spouse is going to be taken care of why would you need to cash out your pension early?

 

[rod]

If your spouse is going to be taken care of why would you need to cash out your pension early?

sorry- you posted while I was typing this.

 

[Operational needs]

But she is ok She has a good job. But I rather pay everything off And leave rest in a ira

So sorry for your plight. God bless you.

 

[hipec]

So sorry for your plight. God bless you.

 

[hipec]

Actually thinking of joining clinical trails overseas

 

[Jones]

Had a friend of mine forced into early retirement due to a terminal illness, he did not have either of those options you asked about. The best he could do was take the 100% survivorship option for his wife. Best wishes, I hope the clinical trials work out for you if you decide to join.

 

[UpstateNYUPSer(Ret)]

Just a question, can your pension distribution be switched to long term disability or can you sell out your pension in a lump sum due to terminal cancer

So sorry for your situation.

Unfortunately, our pension plans do not offer a lump sum payment (for balances over a certain amount, which I believe is $5K or less) nor can you convert to a long term disability plan.

Your best bet is to either buy a term life insurance policy which, with your medical diagnosis, you are most likely going to have a very hard time qualifying for or would end up paying a very high monthly premium, or you can try to go to one of those "It's my money and I want it now" firms, like JG Wentworth, which will pay you pennies on the dollar.

 

[Indecisi0n]

Peace be with you.

 

[toonertoo]

That is awful. thoughts are with you both.

 

[rod]

there are so many questions a person could ask but............