We do not request reimbursement of costs
(such as repayment for obtaining medical records)
from veterans nor from people who suffer from multiple sclerosis.

Articles

Home Articles
Inclusion Body Myositis Disability Benefits
August 27, 2024

Is Inclusion Body Myositis A Disability?

Disability Benefits After Being Laid Off
October 9, 2023

Can You Apply for Disability Benefits After Being Laid Off?

Early Retirement Disability Benefits
October 9, 2023

Should I Choose Early Retirement or Apply for Disability Benefits?

Social Security Disability Mistakes
October 5, 2023

5 Common Mistakes People Make When Filing for Disability Benefits

Reasons For SSI Denial
October 5, 2023

7 Reasons Of Denial Of Disability Benefits

Appeal Denied Disability Claim
October 4, 2023

How to Appeal a Denied Disability Claim

Work Comp Disability Benefits
October 4, 2023

Can I Apply for Disability While on Workers’ Comp?

Disability Processing Time
May 30, 2023

How Long Does It Take to Get Approved for Disability?

SSI vs SSDI
May 26, 2023

What Is The Difference Between SSI and SSDI?

Cystic Fibrosis Disability
May 5, 2023

Is Cystic Fibrosis a Disability?

Scoliosis Disability
May 5, 2023

Is Scoliosis a Disability?

Cognitive Disability
April 21, 2023

What is Cognitive Disability?: Definition, Types, and Helpful Resources

Disability For Leukemia
April 21, 2023

Can You Get Disability Benefits For Leukemia?

SSI Increase
January 27, 2023

Social Security Benefits Increase In 2023: Quick Facts

Learning Disabilities in Children
October 4, 2022

Learning Disability

Metlife Disability
October 4, 2022

Metlife Short Term Disability

Cancer Misdiagnosis
April 29, 2022

Cancer Misdiagnosis

Disability for COVID
April 22, 2022

Disability for COVID

Disability for Blindness
April 13, 2022

Blind Disability Benefits

Disability For Anemia
April 11, 2022

Disability For Anemia

Disability For Obesity
April 8, 2022

Disability For Obesity

Asthma Disability
April 8, 2022

Disability for Asthma

Is-Hypothyroidism-a-Disability
March 1, 2022

Hypothyroidism Disability Benefits

disability-benefits-for-spouse
March 1, 2022

Spousal Social Security Benefits

Disability for Hearing Loss
February 10, 2022

Disability for Hearing Loss

Intellectual Disability
February 10, 2022

Intellectual Disability

Narcolepsy Disability
February 10, 2022

Narcolepsy Disability

Disability for Rheumatoid Arthritis
February 10, 2022

Disability for Rheumatoid Arthritis

Is Nephrotic Syndrome a Disability
January 6, 2022

Disability for Nephrotic Syndrome

Is Nephrotic Syndrome a Disability
January 6, 2022

Presumptive Disability

Disability For COPD
January 4, 2022

Disability For COPD

Disability Application
November 18, 2021

5 Mistakes to Avoid in Your Disability Application

POTS-Disability
November 18, 2021

Severe POTS Can Prevent You From Working

Long Term Disability for Depression
November 17, 2021

Vital Legal Details for People Living With Fibromyalgia

Fibromyalgia Disability
November 17, 2021

Is Long-Term Depression Making You Disabled?

Disability for Dyslexia
November 15, 2021

Is Dyslexia a Disability?

Disability-Attorney
October 7, 2021

Can Loss Of Body Movement Be A Disability?

Chronic-Illness
October 7, 2021

What to Do When Children Face Chronic Illness

hemophilia-disability-act
October 7, 2021

Disability Benefits for Hemophilia

Disability-For-Sleep-Apnea
September 29, 2021

Disability For Sleep Apnea

disability-for-urinary-diso
September 20, 2021

Disability Benefits for Urinary Disorders

Disability-for-Neuromuscula
September 20, 2021

Disability Benefits for Neuromuscular Diseases

US Social Security Administration
September 6, 2021

Social Media Posts Affect a Decision About Benefits?

TBI Injury
September 6, 2021

What to do If the Brain Gets Affected?

Work Incentives
September 4, 2021

Work Incentives: How It Can Help to Receive SSI and Medicaid While...

Whether through an employer or a qualified IRA plan, most people who have a retirement account understand the importance of managing these funds before retirement age. If worries about becoming a penniless retiree were not enough to encourage people to save, the federal government has implemented some rules that disincentivize early retirement. If you obtain an early distribution from your retirement plan before you are 59½ years old, you would generally need to pay 10 installments of distribution tax over any regular income tax you may owe. The extra 10% may be called a tax, but it looks and feels like a penalty. The early distribution tax is the cornerstone of the government’s campaign to encourage U.S. citizens to save for retirement, creating another means to prevent people from draining their savings before their golden years. Except in exceptional circumstances, early participation in a retirement plan can be a bad idea. However, when using your retirement fund is your only option, it is good to know several ways to avoid the additional 10% tax allocated in advance. All people should fully understand the disability rules after age 50 so that they can avoid denials and other hassles when trying to seek benefits while preserving their retirement savings. Equal periodic payments The substantially equal recurring payment exception applies to anyone who has an IRA or retirement plan, regardless of their age. In theory, if you start making equal annual installments from your retirement plan, these payments are intended to be distributed throughout your life or your shared life with the retirement plan beneficiary. These payments should not be affected or subjected to an early distribution tax. If you think you may need to take advantage of your retirement plan early, this option may be beneficial for you. Warning: If you want to start receiving installments from your employer’s plan without being penalized, you would need to terminate your employment before the payment begins. However, if the distribution is from an IRA, your employment status does not matter. Retirement after the age of 55 If you are at least 55 years old when you leave your job, you do not need to pay distribution taxes in advance on the distributions you received from your former employer’s retirement plan. (However, you must pay income tax for this.) This exception is only relevant if you are 55 to 59½ years old. After age 59½, the early distribution tax does not apply to any distribution from the retirement plan. It is important to understand the disability after age 55 rules before taking any action. It may help you avoid complications that threaten your retirement savings. This exception does not apply to IRA accounts. ESOP dividends An employee stock ownership plan (ESOP) is a stock dividend plan that may have certain characteristics of more traditional pension plans. The ESOP aims to obtain funding primarily, or even entirely, from employee-held stocks. However, the ESOP may allow cash distributions, provided that the employee has the right to claim benefits in the employer's shares. The dividend distribution of stock held in the ESOP is not subject to early distribution tax, regardless of when you receive the dividend. QDRO payments If you are paying the assistance rate and compensation of the children from your retirement plan, or if you intend to distribute some or all the plan to your previous spouse as part of a settlement of the property, then none of the options above would apply. It would generally fall under a qualified domestic relation order (QDRO). A QDRO usually arises from a separation or divorce agreement and contains payments to “alternative receivers,” such as the former spouse or a child. This exception does not apply to IRAs. Medical expenses If you withdraw money from your retirement funds to pay for medical expenses, part of that distribution can escape the initial distribution tax. But again, the exceptions are not as simple as they sound. The tax exemption applies only to medical expenses that can be deductible. There are additional exceptions, as well. Disability If you become disabled, all subsequent distributions from your retirement plan can be exempt from the early distribution tax. But what does it mean to be disabled? The law defines a disabled person as being unable to participate in any substantial gainful activity as a result of a medically determinable physical or mental disorder that can result in death or last for an indefinite duration. The key to the disability exception appears to be the persistence of the condition, not its severity. It also appears that the disability should be treated as a permanent condition at the time of its diagnosis, regardless of whether it is later found to be permanent, even if taxpayers are subsequently eligible for Social Security disability benefits. Death Another method of evading the early distribution tax, although unattractive, is by dying before the distribution is completed. After your death, any funds allocated from your retirement plan (for example, allocated to designated beneficiaries) are not subject to early allocation tax, as long as the account is still in your name at the time of the allocation. After your spouse’s death, you can transfer your spouse’s retirement plan or IRA distribution to your IRA or your retirement plan to avoid paying taxes. This benefit only applies to one spouse. If you are not sure how your withdrawal may affect your taxes or whether you may be eligible for an exemption, it is best to speak with an attorney for Social Security disability who can help you understand your options before you make any decisions. Your lawyer can explain all of the relevant information so that you can understand the do’s and don'ts in the process. People who have reputable legal professionals by their sides can be more likely to avoid unnecessary denials and to receive the benefits they deserve.
September 4, 2021

How Can You Receive Your Retirement Money Early?

Temporary Partial Disability
September 4, 2021

Temporary Partial Disability: What Types of Benefits Can You Get?

Long-Term Care Insurance
September 4, 2021

Medicaid and Medicare: How Are They Different

Long-Term Care Insurance
September 4, 2021

Pros and Cons of Long-Term Care Insurance

Tax Deductions for Retirees
September 4, 2021

Tax Deductions for Retirees

Whether You Still Qualify
September 4, 2021

How to Learn Whether You Still Qualify for a Disability Program

Disability Eligibility
September 4, 2021

Income Restrictions and SSI Disability Eligibility

SSDI Application Is Denied
September 4, 2021

What Happens If Your SSDI Application Is Denied?

Receiving SSA Benefits
September 4, 2021

What You Should Know If You Work While Receiving SSA Benefits

woman-with-brain-tumor-PH7V-1
August 4, 2021

Legal Help For People Diagnosed With Malignant Brain Tumors

female-doctor-in-nursing-ho
August 4, 2021

Medicaid Facilities for Nursing Home Care

child-with-injured-hand-8GT
August 4, 2021

My Child Was Injured at School: Who Should Be Held Liable?

1-768x342
August 4, 2021

Home Remedies to Avoid Serious Mood Disorders

3-768x342
August 4, 2021

Can Long-Term Diseases Affect Psychological Health?

2-768x342
August 4, 2021

What if My Child Is Diagnosed With a Chronic Health Condition?

Social Security Appeals
August 4, 2021

Social Security Appeals May Take Some Time

How to Handle a Mental Health Condition
August 4, 2021

How to Handle a Mental Health Condition

GettyImages--768x341
August 4, 2021

How Long Does the SSA Take to Approve an Application?

Disability-For-Uncontrolled-Blood-Sugar
August 4, 2021

5 Complications Due to Uncontrolled Blood Sugar Level

Uncontrolled Blood Sugar
August 4, 2021

8 Diseases That Diabetic Older Adults Can Suffer

4 Medical Conditions That Qualify a Disability Applicant
August 4, 2021

4 Medical Conditions That Qualify a Disability Applicant

man-with-disability-trying-
August 4, 2021

Is Epilepsy a Disability?

How Long Is Short Term Disability
January 15, 2021

How Long Is Short Term Disability?

Social Security Disability
April 26, 2019

What Is Social Security Disability

Disability Benefits
March 8, 2019

Disability Benefits for Porphyria

Very Cheap Health Insurance
August 8, 2013

Very Cheap Health Insurance

Pennsylvania General Assistance Benefits Slashed for Thousands
August 2, 2012

Pennsylvania: General Assistance Benefits Slashed for Thousands

US Social Security Administration
January 27, 2012

Wins EAJA Dispute in Delaware

drugs-alcohol-disability
June 10, 2011

Drugs, Alcohol, & SSD

disability-and-kids
June 10, 2011

Social Security Benefits for Children

best-disability-law-firm
June 10, 2011

What is the Best Social Security Disability Firm For Me?

Appeals-to-The-Federal-Court-You-Need-to-Be-Doing-It
June 10, 2011

Appeals to The Federal Court: You Need to Be Doing It

SSA-economic-crisis
June 9, 2011

The Economic Crisis

common-disability-mistakes
June 9, 2011

The 3 Most Common Mistakes in SSD Cases

Disability-Unemployed
June 9, 2011

How Long Do I Have to Be Out of Work Before I...

Social_Security_Administration
June 9, 2011

How Social Security Determines Disability

disability-doctor
June 9, 2011

I Don’t Go to The Doctor

The Importance of Medical Treatment in Disability Cases
June 9, 2011

The Importance of Medical Treatment in Disability Cases

social-security-disability-language-barrier
June 9, 2011

The Language Barrier

social-security-errors
June 9, 2011

Experience From the Inside: Errors I Have Seen and How to Avoid...

social-security-marathon
June 9, 2011

SSD, It’s a Marathon Not a Sprint

Social Security, It's Not Just For Retirement
June 9, 2011

Social Security, It’s Not Just For Retirement

social-security-said-i-didnt-need-a-lawyer
June 9, 2011

Social Security Said You Didn’t Need a Lawyer

workers-compensation-lawyer
June 9, 2011

Workers Compensation Benefits?

disability-money
June 9, 2011

Where Does All This Money Come From?

Who Decides If I Am Eligible For SSD
June 9, 2011

Who Decides If I Am Eligible For SSD?

Some People Get Disability Benefits and Others Do Not
June 9, 2011

Why Do Some People Get Disability Benefits and Others Do Not?

homer-simpson
June 8, 2011

Homer Simpson

key-terms-personal-injury
June 8, 2011

Key Terms in Personal Injury Law

Disability After Age 55
June 8, 2011

Social Security Disability Rules After Age 55

Talk to Our Disability Lawyers
June 8, 2011

When Do I Need an Attorney?

Common Mistakes in Disability Cases
June 8, 2011

Common Mistakes

How Do I Pay My Disability Attorney
June 3, 2011

How Do I Pay My Disability Attorney?

Should I Seek Medical Treatment
June 3, 2011

Should I Seek Medical Treatment?

Contact Chermol & Fishman, LLC
For a Free Evaluation
Office Hours

Monday : 9am–5pm

Tuesday : 9am–5pm

Wednesday : 9am–5pm

Thursday : 9am–5pm

Friday : 9am–5pm

Saturday : Closed

Sunday :Closed

Our Office Locations

Pennsylvania

11450 Bustleton Avenue
Philadelphia, PA 19116

New Jersey

220 Lake Drive East
Suite 205
Cherry Hill, NJ 08002

Texas

4105 Spring Meadow Lane
Flower Mound, TX 75028

Florida

16445 Collins Avenue
Unit 1022
Sunny Isles, FL 33160

Kentucky

2116 Cumberland Ave
Middlesboro, KY 40965


© Copyrights 2023 Chermol & Fishman, LLC. All Rights Reserved. Developed & Marketed by My SEO Guru