Greetings, I'm new to this so I'm going to try this out. I am married, retired, 71 and 73. I have no experience with investing and feel kind of silly that I never paid any attention before... I recently received a windfall from my brother who passed away. I never expected this to happen and I still have not totally accepted that I have inherited his estate. I inherited his deferred compensation of 537K and have 10 years to remove it. It is only making 2.1 % in a stable cash fund at Mission Square retirement. I want to move it from there because they are difficult to work with. I have a Schwab account, but wonder if another account would be better. I also received 2 properties which I am in the process of selling and will make about 800K. I also have 300K currently in short term cd's making about 4.7% I would help with asset allocation. I'm not quite sure where to begin. I was thinking I should move the deferred comp and figure out how to invest it, take out the RMD and some more to start the deletion. I'm unsure if I should just go write to a balance fund or if I should put money gradually. I my investments have been in real estate. Right now I have 5 houses, but I really don't want to keep managing rentals. The truth is my financial plan was to save every dollar and pay off my houses. I worked as a nurse for 40 years, no retirement, that is how it is. I have a daughter, granddaughter that I would like to leave money to and I would like to take out about 40K a year to spend on travel. I have a new car.
Income:
SS him: 2200
SS her:2004
Pension him: 2500
Rental (paid for, value 360K) 1450
Primary Residence: paid for, value 1,700,000
Vacation home: paid for, value 550K
Him IRA Annuity: 100K, 4.75%
Him IRA traditional: 89K in cd and MM 4.7%
Her: IRA 56K CD and MM 4.75%
Online Acct: 234K 4.1%
I was renting both of my brothers houses to offset his assisted living, but now I want to sell them. Both will used towards tax deductions.
Rental from one is 3200/month
Rental from second one 3000/month, but had to evict and now remodel cost 30K
Joint Cds 300K at 4.5%
No debt
Income:
SS him: 2200
SS her:2004
Pension him: 2500
Rental (paid for, value 360K) 1450
Primary Residence: paid for, value 1,700,000
Vacation home: paid for, value 550K
Him IRA Annuity: 100K, 4.75%
Him IRA traditional: 89K in cd and MM 4.7%
Her: IRA 56K CD and MM 4.75%
Online Acct: 234K 4.1%
I was renting both of my brothers houses to offset his assisted living, but now I want to sell them. Both will used towards tax deductions.
Rental from one is 3200/month
Rental from second one 3000/month, but had to evict and now remodel cost 30K
Joint Cds 300K at 4.5%
No debt
Statistics: Posted by whatthehay — Sat Oct 12, 2024 9:26 pm — Replies 1 — Views 309