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Inheritance investing
Posted on 4/16/23 at 12:00 am
Posted on 4/16/23 at 12:00 am
How would you make the most out of me eh inherited? I’d say my goal is to retire earlier than 65.
Currently have Roth IRA, Roth TSP, whole and term life insurance.
What could I do more?
Haven’t spoken to my advisor just yet.
Currently have Roth IRA, Roth TSP, whole and term life insurance.
What could I do more?
Haven’t spoken to my advisor just yet.
2
Posted on 4/16/23 at 5:36 am to DUKE87
Same boat. I have 3 inherited IRAs I have to withdraw from within 10 yrs, but I'm not sure where to put it. And I'm trying to figure out where best to put it tax-wise.
Posted on 4/16/23 at 9:12 am to Skervix
We're in the same boat. New tax law really made the tax deferral a challenge. At least we have 10 years to deal with it. Fidelity was a pill to deal with on an inherited 401K. I don't know how you would defer the taxes past the 10 years. I guess the choice is between going to a Roth or a taxable investment. Depends on your current and future tax projections I guess. My wife and I are close to retirement so that makes that part easier to figure. Best to ya'll and good investing.
Posted on 4/16/23 at 11:37 am to DUKE87
It's difficult to discuss numbers without using numbers.
Posted on 4/16/23 at 12:40 pm to bovine1
quote:
At least we have 10 years to deal with it
all my knowledge about this comes from podcasts. But aren't there some rules about not being able to wait 10 years for at least some withdrawals if the deceased had already started RMDs?
edited for clarity
This post was edited on 4/16/23 at 12:42 pm
Posted on 4/16/23 at 3:52 pm to Stateguy
The only thing I'm aware of with the RMD is that the withdrawal for the RMD in the year of their death has to be made before the transfer to the inherited IRA. The rules are different depending on the relationship. In the event a child inherits which is our case all I can find says you just have to take it all out by the 10 year anniversary date. I am not a tax professional but that's my understanding. Ours is with Vanguard so I'm sure they'll let us know if different from that.
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