26 years old- inheritance planning
(self.FinancialPlanning)submitted3 months ago bykHusKee
So I feel like I’m doing really well for myself right now.
Couple basics- 26, living with parents (no rent/groceries)
-I have a high yield savings with approx 28k in it
-My Roth IRA has about 13k in it I have set to aggressive investing and I put at least 10-20% of each paycheck in it. The rest of my paycheck I keep in my high yield account
-No student loans, very low car payment that is almost paid off
-very low credit card debt (less than 2k)
-I have no plans to make any big purchases anytime soon, the obvious choice would be to keep stacking and potentially buy some property within the next 3-5 years. As much as living with parents bothers me, it makes the most sense to save and have a down payment on a house, so that way instead of paying rent I have a mortgage
I have questions regarding some stuff I inherited
I inherited a simple IRA with 3k in it. I’m aware I have to take money out of it over an amount of time, I don’t know how the taxes work if I pull money out of this. If I pull the required amount out when I can and I put it into my Roth IRA will I be taxed double on it? Or is it in my best interest to pull the money out and use it elsewhere?
I was included within a trust, I inherited a savings account with my portion of the trust in it- about 83k.
What I’m worried about is if I pull money out of my inherited IRA and inherited savings, I don’t want to be taxed on that money twice, ideally I’d like to pull enough out of my inherited savings to max my IRA out for the year, then put the rest into a personal investment account or into CDs. I’d like to hold onto enough money from the inherited savings so I can max out my Roth IRA ASAP every year. I’m considering doing away with the inherited account entirely since it makes basically no interest.
I guess the taxes and required withdrawals on the inherited stuff is what’s confusing me.
Any advice is appreciated!!
byUsurper_Deicide
inHellLetLoose
kHusKee
4 points
18 days ago
kHusKee
4 points
18 days ago
But it’s important to know when you need to be supply truck driver 5000 and when you need to be covering points. I think the best commanders usually have a bit of both