retirement late in life

[miguelmartino]

if someone who has no state pension or 401k (ira) late in life either wins the lottery assuming they cash out all at once or they have some rich uncle who has like one billion dollars stashed somewhere like in some bank or something but told them that they can only have the money when that rich uncle dies which would mean that maybe the money wouldnt be theirs until like 50-65 years of age, how could they use only part of the money to live off of it for the remainder of their life? could they live off that money if they got their hands on it but only late in life? if they either won the lottery or some inheritance but late in life, how could they put some of that money to use for retirement? could they live off of it if they got it in their possession but late in life or not as retirement money? how could they put like 50% at most of that money for retirement if they acquired it but late in life? savings or cds accounts? what if they dont live in the united states but in some third world country instead? what kind of financial advisor would be able to help them out in a case like this assuming it was close to one billion dollars? acquiring this much money but late in life, what options would they have to using at best half of it for retirement if at all so they can enjoy their old age rather than working anymore? can someone please help me? thank you.

 

[pacergal]

Not exactly sure what question you want answered. If you have nothing saved and are relying on a "rich uncle" to die and leave you money, you need to keep working, LBYM, and save every dime you can for your own retirement.

 

[Aerides]

A hypothetical someone gets close to a billion dollars, later in life, after having managed to save nothing, have no ira, no pension, and no idea what to do with money?

That someone presumably has very little knowledge about money, and yes, they should get a good accountant, lawyer, and fiduciary advisor, if that ever actually happens.

While waiting, that same someone could spend the next X years of their life reading and studying finances, starting with some very basic books, and planning as if that windfall may never happen. IE, start saving and managing their expenses.

Rich people get sick and blow through their savings, or change their wills, every day.

 

[NYEXPAT]

Do not worry a Billion dollars received at any point in life, will last you for the rest of your life.If you are in a third world country, you can buy American citizenship for a pittance and move your money to the USA. Rather than buying a house, I suggest you buy a mega yacht with a built in safe room to keep your money, that way you have it everywhere you go.

 

[miguelmartino]

but could someone start planning for retirement late in life or not assuming that when they were fairly old they won like an 800 million dollar lottery or had some rich relative who told them they could have the money but only when they had passed away? if it was like 800 million dollars or more of tax free money assuming they were 65 years old and they never had a state pension or individual retirement account, how could they use half of that money to plan for retirement assuming again it could be used for retirement purposes? what if they lived in chile or panama and the u.s. dollars might be needed to be converted to some other currency? could they use at most only about half of that money for retirement if that late in life they started to plan for retirement? im trying to give out as specific information as possible. rsvp.

Not exactly sure what question you want answered. If you have nothing saved and are relying on a "rich uncle" to die and leave you money, you need to keep working, LBYM, and save every dime you can for your own retirement.

 

[miguelmartino]

what kind of accountants, lawyers, or fiduciary advisors should they be seeking in this case where they got their hands on the money when they were 60-65 years of age? before they reach that age, how could they plan to use some of that money for retirement purposes? do these experts like accountants, lawyers, and fiduciary advisors, for whom should they be working for? offshore banks? digital banks? electronic money institutions? what kind of financial institutions should they be working for assuming theyre reputable? what if that person lives in brazil or egypt or any other third world nation? rsvp.

A hypothetical someone gets close to a billion dollars, later in life, after having managed to save nothing, have no ira, no pension, and no idea what to do with money?

That someone presumably has very little knowledge about money, and yes, they should get a good accountant, lawyer, and fiduciary advisor, if that ever actually happens.

While waiting, that same someone could spend the next X years of their life reading and studying finances, starting with some very basic books, and planning as if that windfall may never happen. IE, start saving and managing their expenses.

Rich people get sick and blow through their savings, or change their wills, every day.

 

[Aerides]

Sorry I don't like to play in hypotheticals. This is research you should start with a trusted financial institution. Or go to your library and find some basic books on saving and investing to start, since it seems your current knowledge is very limited.

It's all irrelevant. You should plan your life as if this money never is coming (since there is always a chance it won't).

 

[miguelmartino]

ok i will give you now more information. i have a rich relative who made a fortune in the oil industry. he wrote a will which basically stated me as the sole beneficiary as to receive all of his money which currently is in offshore bank accounts in different countries like the cayman islands, maldives, switzerland, ect... he told me, when i die all of the money is yours! i know for sure all of the money will be mine, i just dont know when he will die?! since i dont know when my rich uncle will die then i dont know how old i will be when the money is actually in my possession! im 100% certain that it will be mine since im an only child! he has no other relatives and for sure doesnt want to leave the money to the state/government. he was born and lives in south america by brazil. i live in the u.s. but only as a legal resident and if its necesary to one day renounce my legal status here in the u.s. then so be it! i would rather live in some third world country than in the u.s. with some little pension or 401k assuming i even had one! do you need more information? rsvp.

Sorry I don't like to play in hypotheticals. This is research you should start with a trusted financial institution. Or go to your library and find some basic books on saving and investing to start, since it seems your current knowledge is very limited.

It's all irrelevant. You should plan your life as if this money never is coming (since there is always a chance it won't).

 

[REWahoo]

i know for sure all of the money will be mine...

Nothing is sure but death and taxes.

 

[wmc1000]

ok i will give you now more information. i have a rich relative who made a fortune in the oil industry. he wrote a will which basically stated me as the sole beneficiary as to receive all of his money which currently is in offshore bank accounts in different countries like the cayman islands, maldives, switzerland, ect... he told me, when i die all of the money is yours! i know for sure all of the money will be mine, i just dont know when he will die?! since i dont know when my rich uncle will die then i dont know how old i will be when the money is actually in my possession! im 100% certain that it will be mine since im an only child! he has no other relatives and for sure doesnt want to leave the money to the state/government. he was born and lives in south america by brazil. i live in the u.s. but only as a legal resident and if its necesary to one day renounce my legal status here in the u.s. then so be it! i would rather live in some third world country than in the u.s. with some little pension or 401k assuming i even had one! do you need more information? rsvp.

Since we don't know the age or health of either you or you rich uncle you might die before him! In any case, IF your uncle predeceases you, at that time you will be set for the balance of your life. No pre-planning is necessary at the amounts you are contemplating.

 

[Aerides]

Ask your rich uncle to refer you to his account/lawyer/financial team. No doubt he has one.

And still, plan your life as if this is never going to happen. It's not 100%. He could marry tomorrow. He could find out he has a long lost son. He could get ill and spend all his money on doctors trying to find a cure. He could decide he doesn't care for you after all, and give it all to charity.

If you ever actually received even 100 million, you could put it in a CD and spend a million dollars a year and still die rich. In any country.

 

[Teacher Terry]

I have a friend waiting for a inheritance at 73 but her mom is in great health at 93 and the women in her family live to be over 100. It’s a sad way to live.

 

[miguelmartino]

but i dont want to spend all of the money just for retirement but only some of it for retirement purposes! if i decide to abandon my permanent resident status here in the u.s. and want to move to chile or argentina or any other third world country to what kind of lawyers, accountants, and fiduciary advisors should i contemplate dealing with then? if my uncle will leave me more than 800 million dollars, how would dealing with these types of professionals help me plan for retirement if i no longer want to live in the u.s. anymore at that point? if only fraction of that money was to be used for retirement, how will an accountant, lawyer, or fiduciary advisor help out in that case anyway? rsvp.

Since we don't know the age or health of either you or you rich uncle you might die before him! In any case, IF your uncle predeceases you, at that time you will be set for the balance of your life. No pre-planning is necessary at the amounts you are contemplating.

 

[miguelmartino]

my uncle is almost 90 years old! rsvp.

Ask your rich uncle to refer you to his account/lawyer/financial team. No doubt he has one.

And still, plan your life as if this is never going to happen. It's not 100%. He could marry tomorrow. He could find out he has a long lost son. He could get ill and spend all his money on doctors trying to find a cure. He could decide he doesn't care for you after all, and give it all to charity.

If you ever actually received even 100 million, you could put it in a CD and spend a million dollars a year and still die rich. In any country.

 

[Aerides]

my uncle is almost 90 years old! rsvp.

Then pack up your bags, go and move and live with him, to take care of him for his remaining years, and protect that inheritance, and learn from his financial advisers.

Either that, or pretend it doesn't exist, and live your life as if you have no inheritance. Work hard, save hard, etc.

 

[miguelmartino]

but to what banks or financial institutions could i put it assuming it was a cd or savings account if i chose to abandon my greencard status in the u.s.? what financial institutions could i work with regarding this suggestion that youre making? but arent cds only available in the u.s.? if i live lets say in paraguay, what bank would give me the cd option if it wasnt an american bank or financial institution? apart from a cd or savings account, what other options might i have so i could live off 100 million dollars for the rest of my life? what banks or financial institutions could cater to me if i chose to live off some of the money but in some third world country instead of the u.s. or canada? anymore suggestions? rsvp.

Ask your rich uncle to refer you to his account/lawyer/financial team. No doubt he has one.

And still, plan your life as if this is never going to happen. It's not 100%. He could marry tomorrow. He could find out he has a long lost son. He could get ill and spend all his money on doctors trying to find a cure. He could decide he doesn't care for you after all, and give it all to charity.

If you ever actually received even 100 million, you could put it in a CD and spend a million dollars a year and still die rich. In any country.

 

[MichaelB]

but to what banks or financial institutions could i put it assuming it was a cd or savings account if i chose to abandon my greencard status in the u.s.? what financial institutions could i work with regarding this suggestion that youre making? but arent cds only available in the u.s.? if i live lets say in paraguay, what bank would give me the cd option if it wasnt an american bank or financial institution? apart from a cd or savings account, what other options might i have so i could live off 100 million dollars for the rest of my life? what banks or financial institutions could cater to me if i chose to live off some of the money but in some third world country instead of the u.s. or canada? anymore suggestions? rsvp.

Once you have the money give Goldman Sachs a call. No matter where you are, they'll be happy to help and are experts at this type of thing. https://www.goldmansachs.com/

Why do you end your posts with "rsvp"?

 

[GravitySucks]

Ask him for some now. Look up gifting laws in Brazil.

 

[rodi]

Ok.... I'll play along with this 'sometime in the future' scenario...

1) Is there any reason to change the financial institutions from where you uncle has the money now? I would imagine deposits of the size you suggest brings a LOT of service and handholding. So leave the money in Switzerland, Maldives, and Caymen islands.

2) You can't spend what you don't have. Unless your uncle wants to gift you some of the money early - you have to wait till he dies. And hope you don't piss him off in the meantime to where he'd change his will/trust.

I, personally, would live my life as if there is no inheritance.... because things could change. I'd start saving now. I'd study up on financial matters. And I'd, also, be extra nice to the rich uncle.... just in case the inheritance does come through. He may be telling several people that they are the sole heir... his housekeeper, his gardener.... Until the will or trust is read, after he dies, you do NOT know if you'll inherit.

 

[miguelmartino]

he told me youre the only next of kin i have! dont want the government or non relative to have this money! 100% that the money will be all mine. what do you think or believe now?

Ok.... I'll play along with this 'sometime in the future' scenario...

1) Is there any reason to change the financial institutions from where you uncle has the money now? I would imagine deposits of the size you suggest brings a LOT of service and handholding. So leave the money in Switzerland, Maldives, and Caymen islands.

2) You can't spend what you don't have. Unless your uncle wants to gift you some of the money early - you have to wait till he dies. And hope you don't piss him off in the meantime to where he'd change his will/trust.

I, personally, would live my life as if there is no inheritance.... because things could change. I'd start saving now. I'd study up on financial matters. And I'd, also, be extra nice to the rich uncle.... just in case the inheritance does come through. He may be telling several people that they are the sole heir... his housekeeper, his gardener.... Until the will or trust is read, after he dies, you do NOT know if you'll inherit.

 

[Teacher Terry]

I actually don’t even believe this is real. Just a way to get a few laughs.

 

[miguelmartino]

is goldmansachs the only or most ideal people to deal with who has global reach? apart from them who else has global reach that can help someone in my situation?

Once you have the money give Goldman Sachs a call. No matter where you are, they'll be happy to help and are experts at this type of thing. https://www.goldmansachs.com/

Why do you end your posts with "rsvp"?

 

[RunningBum]

Is this the first place you've asked for help? What have you learned so far? What does your uncle advise? Have you asked him? If not, why not?

 

[jollystomper]

.... just in case the inheritance does come through. He may be telling several people that they are the sole heir... his housekeeper, his gardener.... Until the will or trust is read, after he dies, you do NOT know if you'll inherit.

+1

I have seen this happen with a couple of friends in similar interesting circumstances. What was promised turned out to have been promised to other people as well, with nothing written down. Sometimes folks like to impress - and even control - others with the promise of money that then turns out in a different fashion.

 

[MichaelB]

is goldmansachs the only or most ideal people to deal with who has global reach? apart from them who else has global reach that can help someone in my situation?

Goldman Sachs is a leader, but there are many more. If you don’t like that option, consider going to Dubai. It’s the Switzerland of the modern era.