What Should We Do with an Inherited $700,000 401(k)?
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Wow! I'm blown away by all this.
Mutual funds, lol.
Draw down as slow as legal
That goes too when hiring a lawyer.
She could move up from $2k a month to $3k per month easy
Dave Ramsey, what happens tax wise when you park that money into a savings account?
Good advice
I didn't have the same emotional response as the hosts had on the show. The wife was the beneficiary of her husbands 401K. They likely were counting on the proceeds of the 401K together. RMD's will come up and will have to take a distributions either to the end of her life or till the end of the funds. This is not found money. In Dave's words, she's a millionaire. I guess she was before her husband passed away. The conversation never went to monthly need. I do agree with the recommendation at the end of this.
He is a good son.
1. Don't go too fast. Take things slow to learn, and there comes #2
2. Invest only in what you understand (same as Warren Buffett said), and understanding takes time.
3. Find someone to Teach you not Sell you. Someone with a teacher's heart. You will know it if you go out of their office and have learnt sth new.
I would throw the money into dividends stocks. With 720k that will generate you at least 20k-30k annually from dividends. If his mom is making 2k a month she is making around 30k a year. With dividend it will double her and income. Savings account have very little APY.
"That sounds younger every day!"
If they already have enough unearned income to cover the household yearly, give away the remaining unearned income to poor people, who commit to doing the same thing. Matthew 19:21
Split it between MSFT, AMZN, AAPL, TSLA, GOOGL, WMT, NVDA. You just might have a few million in 5 years or so. Sell some here or there when you need
Reminds me of my neighbor. Her son passed and he had a 401k of about 500,000. Ex husband passed and left his to her which was about 400,000. She has her own retirement, and owns every thing. She only had used it when her kids or grandkids has asked for money. She said after she gave out about 200,000 she finally decided to just not touch it anymore because she doesnt need it
I am so impressed with deceased husband, taking care of his bride, and ensuring her continued lifestyle. I'm also impressed with this young man to call in and ask how he can help his mother. Dave's advice was outstanding! Guarantee the safety of the money, where she doesn't lose any, double her monthly income, and enjoy her remaining years, however she likes. Someone commented on this as a legacy, and I agree 100% with that. What a legacy!
In 2011 we went on Chapter 13, me and my wife make around 100,000. a year, she lost her job in 2008 and after that debt started to pile up. She was unemployed for two years. We went to one of your seminars in Portland, OR. and that changed our lives. Now we do not owe a penny to anybody and we are happy, debt free and retired, because we follow your advice. We want to thank you for that. Thank you.
Don't call Dave Ramsey.
When he was considering her income, he seemed to not count the pension she receives from her husband; the son didn't mention an amount. that would reduce her needs even further.
Great advice.
Buy silver juniors and uranium miners for explosive returns.