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I would have to work through your numbers, which I can't do at this time. But I will tell you that many people are concerned about ending up old, crippled, and broke. Millions of women, who live longer, see this scenario in their futures. One fall, and you could end up an invalid. Just to let you know that although you've had a tough break, that scenario could happen to anyone. I think that's a real concern.
My first thought was (and this may be bad of me) for you to find a wife! It's much easier for a man to find a wife than a woman find a husband, esp. at your age. Not that that's the only reason you want a wife, but it would help you with expenses (if she's not a spendthrift) and it would be somewhat a protection against being broke. Of course, the reverse could happen, if you choose the wrong woman. She could end up messing up your finances and your plans. But someone to go through life with would be a help.
Kids are expensive, if you can have kids, but if you raise them right, they will always be there for you, even if they move away for their jobs. That adds to your protection in that way, but would deplete your money, if your wife doesn't work.
As for money, what I am doing is trying to build a way for my investments to pay good dividends in the future (you don't need to do this now...you want growth at this time of your life). If you have enough dividends coming in, you can use that instead of depleting your capital. Sort of like an annuity, but harder to set up and follow. OTOH, annuities can have stiff fees, which a dividend portfolio won't have.
Do you live close to medical care, particularly VA care? You want that, so you don't end up paying for medical care.
Continue putting money in your ira and find alternate means of income. Buying and managing an apartment building or complex offers the potential of earning ballpark $75000 per year alone. Mostly paperwork involved, and managing the bills.
Find a need in the community, and research it. Even buying some land, and converting storage lockers, or truck parking could pay out.
With time on your hands, day trading or consulting work can be right up your alley.
You are a smart man. If I was in your position, I would be focusing the majority of my efforts on things I could change that would affect the quality of my life down the road. And for you, that's your health. Do every single thing you can to get better and improve the quality of your life now which will also improve the quality of your life later. Don't spend too much time worrying about the distant future and things you can't change.
I have a lifelong friend that is in a similar situation, though his injuries were non military related.
Settlement 200K (net after attorneys), lifetime disability pays about $1100 month. He is early 40's now, been disabled about 10 years now. Any income earned reduces his disability payment by that amount. If he flips burgers for $200 a week then his disability would get reduced by $800 a month so there is zero incentive to work at all. Disability is not bad enough to prevent offshore fishing or golfing.
His worst enemy is BOREDOM! Unfortunately he is heavy into conspiracy theories and day trader fantasy type schemes that will enrich him. He had a run with slot machine winnings (of course we hear about the wins, less about the losses). Last time he mentioned it, the 200K was closer to about 75K.
His last fantasy was his future inheritance. He expects 5-6 million from his parents. Upper middle class, but not millions. I tried to break it down that to even have 3 million they would have had to bank 100K a year for their whole career from day one (clearly not possible when they never made more than about 250K and even that was at the end of their careers).
This is my 2nd experience with someone that was "disabled" and took a stay at home settlement. I really wonder if the mental disability that comes with the physical issue is worth getting the monthly payment.......both people I knew ended up bat sh!p crazy in the end!
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