Captaindano
Dryer sheet wannabe
Hello all,
Was hoping to get some advice on how and or what to invest my pension check into. I will be enrolling soon to start drawing my pension check of $1,344.00 a month for 7 years. I've been told by the pension service that I will need to pay tax on this amount yearly to which I do understand. Total will be $16,128.00 a year. I believe I can roll the monthly check into a traditional IRA and then pay tax on the money when I make draws. I don't plan on touching this for at least 10 years. But as I understand I can only put up to $7,500.00 a year into the IRA. Am seeking advice if anyone knew of any other investments that I could invest this money for 7 years in without paying tax as I receive the monthly amounts?
I'm a worker not an investor so that's why I'm here hoping for some advice.
Thanks.
Was hoping to get some advice on how and or what to invest my pension check into. I will be enrolling soon to start drawing my pension check of $1,344.00 a month for 7 years. I've been told by the pension service that I will need to pay tax on this amount yearly to which I do understand. Total will be $16,128.00 a year. I believe I can roll the monthly check into a traditional IRA and then pay tax on the money when I make draws. I don't plan on touching this for at least 10 years. But as I understand I can only put up to $7,500.00 a year into the IRA. Am seeking advice if anyone knew of any other investments that I could invest this money for 7 years in without paying tax as I receive the monthly amounts?
I'm a worker not an investor so that's why I'm here hoping for some advice.
Thanks.