Ep. 54 Utilizing an Inheritance for Retirement, 3 Smart Ways to Use It!
Receiving an inheritance or a significant windfall can be a life-changing event, offering a unique opportunity to bolster your financial future. In this episode, we explore three smart strategies for leveraging an inheritance to supercharge your retirement plans. We'll discuss crucial initial steps, common pitfalls to avoid, and strategic approaches to investing and tax planning that can make a real difference.
You’ll discover the importance of a thorough initial assessment, how to proactively plan for tax implications, and the value of setting clear financial goals. We also discuss creating a "recession-proof" fund within your investments and smart ways to navigate inherited IRAs and Roth conversions.
Listen To The Episode:
What You’ll Learn:
The essential first steps to take when you receive an inheritance.
How to assess and plan for potential tax implications of an inheritance.
The benefit of setting specific, written goals for your inherited funds.
The importance of creating a stable "recession-proof" fund within your retirement investments.
Key considerations for managing inherited IRAs, including required minimum distributions (RMDs) and the 10-year rule.
When and why to consider a Roth conversion for inherited funds.
Broad investment options for inherited money, including growth, fixed income, and cash reserves.
Ideas Worth Sharing:
“Take your time to assess your inheritance and grieve. There’s no rush to make decisions, and you should move at your own pace.” - Eric Maldonado
“Writing down your financial goals—whether for retirement, real estate, or education—gives you a clear target to work toward.” - Eric Maldonado
“A recession-proof fund in your retirement portfolio can provide peace of mind during market downturns.” - Eric Maldonado
“If you have an inherited IRA, ensure you take the required minimum distributions. Take those at the beginning of the year.” - Eric Maldonado
“It’s good to put your charitable gift-giving ideas down on paper at the beginning of the year. That way you can start working towards them throughout the year instead of scrambling at the end to try and make it happen.” - Eric Maldonado
Resources:
Eric Maldonado, CFP®, MBA: (805)250-4552 | info@aquilawealth.com | Website | Contact Us
Disclosure: Aquila Wealth Advisors, LLC is a registered investment advisor in the state of CA, LA, and in other jurisdictions where exempt. All content on this podcast is for information purposes only. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.
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