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My wife and I are retiring next year. We have $1.5 million in IRAs and 401Ks along with $500,000 in available cash. We will also be collecting social security and $55,000 in pensions. We will be selling our home next year profiting about $400,000. Our new out of state home will be about $700,000. Should we pay in cash or have a mortgage? Thank you.
Submitted Aug 8, 2022
On the rent vs.buy model, the investment represents the alternative that you could have earned if you had put your down payment into the market if I'm reading this correctly. Why does it lose value over time and post large negative numbers?
Submitted Aug 4, 2022
We have money saved in term deposits for a house addition. With the recent rise in costs, we have decided to postpone until maybe housing costs can come down again. Where would be the best investment for our money on a potentially short-term basis with currently such low interest rates?
Submitted Jul 19, 2022
I keep seeing these "be your own bank" advertisements. The little research I've done seems like they are utilizing a whole life insurance policy to do this. I am trying to figure out if this is a solid financial investment that would make more sense than possibly my 401K that fluctuates based on the market. Thanks, Matt McAllister
Submitted Jul 6, 2022
I work for the State of NE in addition to a retirement account, they offer the option for a Deferred Compensation Plan. If I want to contribute to that, I need to do so now. I am just not sure if it would be a good idea financially. I would contribute about $60/month with the option to adjust the amount after I have enrolled. Is the market good enough to even...
Submitted May 3, 2022
I'm a little confused by the answer to the following question I received from your company. My concern is related to taking the RMDs on the inherited account based upon my wife., which was 71 on the date of her death. If I have to take an RMD on the inherited account, can I use her age to determine the amount of the RMD going forward, or am I locked into taking the...
Submitted Jun 24, 2022
I will be turning 62 this year. Where can I start learning about my social security options and what is best for me to do since I plan to continue working full time and contributing to my 401(k)? How does Medicare work if I continue to work and have medical insurance through my employer?
Submitted Jun 24, 2022
credit cards--Do I close a credit card with a zero balance if I just opened another one? I no longer want to use the old one or should I put a freeze on it but leave it open. Which open is best for my credit score. I have a very high credit score, and I don't want to lower it.
Submitted Jun 21, 2022
My father passed away recently. How do I find out where the funds from his 401k went when he retired? I am the beneficiary on all of his accounts. The plan administrator did not include disbursement information regarding the recipient.
Submitted Jun 2, 2022
Hello Money Doctor, We are both 58 y/o. our gross income is $158,517 for 2021 Our tax bracket is 22%. Our monthly spending is approx $5000-6000 monthly. We have approx 1.4M IRA/403, $225, 000 Roths each, $145,000 Cash brokerage & wife has a $67,000 cash value pension. I'm retired since 2014 with a $5000 net pension for life and free health coverage for life.No debt...
Submitted Jun 18, 2022