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Most forms of disability insurance do not start paying until THREE TO SIX months.

That sounds like a good argument for building up one's emergency fund to the equivalent of 3 to 6 months of living expenses. If one's income is interrupted, one wouldn't be paying income tax on money not being received, nor taking out deductions for 401(k)/403(b)/etc. contributions.

My personal emergency fund, for what it's worth, has the equivalent of 6 months of living expenses: 3 months in my credit union's MMA, 3 months in I-Bonds, plus a CD with a little bit more than what I expect my annual property tax bill to be next October with the maturity date on the CD just before the property tax bill is expected to arrive.

One thing I would say in favor of "3 to 6 months of salary" is that if one is going to make a mistake with the size of one's emergency fund, the pain of having the emergency fund a little bit too big is very, very small compared to finding out the hard way that one's emergency fund is just a little bit too small. 8)
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