Howdy gang,
Forgive the simpleton nature of this question, but I could use a reality check.
Situation:
I have three primary assets, besides my house which doesn't really figure into this.
Asset 1 is a pension which is sufficient to meet my basic needs.
Asset 2 is tax-deferred retirement accounts. This is sufficient to supplement the pension for reasonable wants e.g. vacations.
Asset 3 is some inherited money. This is also sufficient to pay for wants.
There is nothing esoteric or unusual tax-wise with any of the above.
I presume that, in most circumstances, it is best to spend the inherited money rather than the tax-deferred money, thereby allowing continued tax-deferred growth after my passing and so eventually a greater inheritance for surviving family? I feel like this should be obvious, but my Spidey-sense tells me that it may not be. Thanks!
Forgive the simpleton nature of this question, but I could use a reality check.
Situation:
I have three primary assets, besides my house which doesn't really figure into this.
Asset 1 is a pension which is sufficient to meet my basic needs.
Asset 2 is tax-deferred retirement accounts. This is sufficient to supplement the pension for reasonable wants e.g. vacations.
Asset 3 is some inherited money. This is also sufficient to pay for wants.
There is nothing esoteric or unusual tax-wise with any of the above.
I presume that, in most circumstances, it is best to spend the inherited money rather than the tax-deferred money, thereby allowing continued tax-deferred growth after my passing and so eventually a greater inheritance for surviving family? I feel like this should be obvious, but my Spidey-sense tells me that it may not be. Thanks!
Statistics: Posted by Teague — Tue Jul 30, 2024 7:04 pm — Replies 2 — Views 265