• David Martin

A 401(k) Won't Last Forever [Video]



Many people work very hard for many years and wisely put money away for retirement in a 401(k) provided by their employer. However, when medical problems arise and they cannot continue working, they often deplete their 401(k) unnecessarily.

A construction superintendent was highly valued, long-time employee. His knees and lower back started causing him problems. Fortunately, his job provided good benefits, including long term disability benefits, life insurance, and a 401(k). When his doctor told him he had to stop working, he filed a claim for long term disability benefits.

The long-term disability insurance company denied his claim. He hired our firm to pursue his case. In the meantime, he lived off his 401(k) account. The account dwindled in just a few months, as a large part of his withdrawals were withheld for taxes and penalties. Meanwhile, we aggressively pursued his claim through an appeal with the company and when it was effectively denied, with a lawsuit.

Shortly after we filed the lawsuit (and before the 401(k) plan was exhausted), the insurer reversed its prior decision and our construction superintendent was awarded his long-overdue long-term disability benefits.

If a long-term disability claim is denied, don’t sit on it. A “safety net” such as a 401(k) may not last as long as you think. The sooner we get going, the quicker the resolution. Let us help.

#LongtermdisabilitylawyerAlabama #LongtermdisabilitylawyerMississippi #longtermdisabilityinsurance #ERISAlawyerAlabama #ERISAlawyerGeorgia #ERISAlawyerMississippi

Recent Posts

See All

The lawyers in our firm are focused on helping people with disability policies and ERISA claims. Today, we want to help you understand what the term "entire contract" or "legal contract" means in your