pln4retire
Confused about dryer sheets
- Joined
- Jun 5, 2017
- Messages
- 1
Hi, I'm not sure if this is the right spot for this.
My 71yo Father in-law will be officially retired in the next week after he has gone through his vacation time. He's been in a horrible 401k plan through a small local bank so we're eager to get it moved elsewhere. This year we've opened a Roth IRA and did 2016/2017 contributions and rolled a small traditional IRA over from Wells Fargo to Fidelity (where the Roth is).
My understanding is that Fidelity told him he will be able to roll his 401k into the traditional IRA only. Because of his age, he'll start taking his RMD's (required minimum distribution) this year. Currently, his delayed SS he just began taking and his VA pension cover more than his monthly expenses. House and recently purchased vehicle paid for.
He's recently widowed and not likely to travel except joining his kids on vacations (and those not being anything extravagant). He'll likely spend on hobbies (model trains, fixing/selling tractors) and eating out.
What would be a good thing to do with the RMD's and unused other cash he doesn't spend to keep earning, but also remain somewhat available in case something comes up?
I'm trying to help him since he's not very knowledgeable on investing. I'm just diving into investing/planning over the past year (I'm 41 and feeling behind the 8 ball myself) and am still learning. Any advice I should be aware of?
His savings are $128k in 401k, $21k combined in the two IRA's and maybe $50k in the bank. I need to determine a safe amount of the cash balance to put into some investments in the Fidelity account.
I've heard it said to plan on living long in retirement so not to get too conservative with investment mix. He is healthy (ran circles around the younger workers at his factory until his last day two weeks ago).
At the moment, there's no plan to take any more than the RMD from his accounts.
Sorry for rambling, but not sure how much detail is needed to be helpful. Again, any advice or things I should look into are appreciated. I'm just trying to help him get situated. He took care of a very sick wife for 30 years and never had any spare savings and retirement just never seemed to be something that they were able to plan for.
My 71yo Father in-law will be officially retired in the next week after he has gone through his vacation time. He's been in a horrible 401k plan through a small local bank so we're eager to get it moved elsewhere. This year we've opened a Roth IRA and did 2016/2017 contributions and rolled a small traditional IRA over from Wells Fargo to Fidelity (where the Roth is).
My understanding is that Fidelity told him he will be able to roll his 401k into the traditional IRA only. Because of his age, he'll start taking his RMD's (required minimum distribution) this year. Currently, his delayed SS he just began taking and his VA pension cover more than his monthly expenses. House and recently purchased vehicle paid for.
He's recently widowed and not likely to travel except joining his kids on vacations (and those not being anything extravagant). He'll likely spend on hobbies (model trains, fixing/selling tractors) and eating out.
What would be a good thing to do with the RMD's and unused other cash he doesn't spend to keep earning, but also remain somewhat available in case something comes up?
I'm trying to help him since he's not very knowledgeable on investing. I'm just diving into investing/planning over the past year (I'm 41 and feeling behind the 8 ball myself) and am still learning. Any advice I should be aware of?
His savings are $128k in 401k, $21k combined in the two IRA's and maybe $50k in the bank. I need to determine a safe amount of the cash balance to put into some investments in the Fidelity account.
I've heard it said to plan on living long in retirement so not to get too conservative with investment mix. He is healthy (ran circles around the younger workers at his factory until his last day two weeks ago).
At the moment, there's no plan to take any more than the RMD from his accounts.
Sorry for rambling, but not sure how much detail is needed to be helpful. Again, any advice or things I should look into are appreciated. I'm just trying to help him get situated. He took care of a very sick wife for 30 years and never had any spare savings and retirement just never seemed to be something that they were able to plan for.
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