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July 2015 » Planning for Early Retirement Due...
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Martin M. Shenkman, JD, CPA/PFS, AEP
Many assume that chronic disease affects only the aged. The reality is that 60% of those living with chronic illness are between ages 18 and 64. Thus, a practical issue that many younger individuals face is how to plan when they receive a diagnosis of a chronic disease that may curtail their work expectancy. For example, the typical person diagnosed with COPD is in her 40s. The average age of diagnoses for multiple sclerosis is about the mid-30s. Many people facing the challenges of Parkinson's disease are diagnosed before age 50 (young-onset Parkinson's disease). Many of these individuals will have to curtail or cease working prior to the average retirement age of 62 because of increasing health challenges. What are some of the financial, estate planning, and other steps a CPA might recommend for such a client?
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