It appears I am about to get called in to help my MIL manage her finances and make appropriate AA and withdrawal changes. She is a pretty healthy 82 yr old, lives by herself, very independent... great lady. Physically, while still driving and getting around like most 55 yr olds, her hearing, sight at night, and some leg/back issues are creeping on her. Genetics say she could have another 10 yrs. While I don't know the specifics of her accounts/NW, I know she has plenty to live on and will not be a financial issue for the family even if at some point she needs a private nursing home/medical care. As I get ready to jump into this, I am anticipating my guidance will depend on her response to the question "Is it important to you to leave X$ to the family/charity/other or are you fine spending your last $ on your deathbed?" ... I will be more tactful when I talk to her.
- If she wants to leave X, then what AA (50/50 ?) would you use for a 10 yr horizon and what withdrawal rate?
- If she is fine spending every $, what AA (30/70 ?) would you use and would you use a more of a principle withdrawal method maybe adding an additional 3 - 5 yr buffer for protection?
Part of what will drive my guidance is the near term financial needs of one of her kids who was in horrible accident recently. The medical/financial needs could approach $200K and I am sure she would like to help as long as she feels she will not be at risk of being a financial burden to the family in her later years.
- If she wants to leave X, then what AA (50/50 ?) would you use for a 10 yr horizon and what withdrawal rate?
- If she is fine spending every $, what AA (30/70 ?) would you use and would you use a more of a principle withdrawal method maybe adding an additional 3 - 5 yr buffer for protection?
Part of what will drive my guidance is the near term financial needs of one of her kids who was in horrible accident recently. The medical/financial needs could approach $200K and I am sure she would like to help as long as she feels she will not be at risk of being a financial burden to the family in her later years.