retirement late in life

socca said:
Whether this is legit or not, the most interesting questions to me are:
• who is the executor of the uncle's estate?
• who is custodian of his will?
• has the OP read the will?
• has the OP verified that the uncle is wealthy by receiving and reviewing a comprehensive list of his assets?
• who are the uncle's "trusted financial and legal advisors"?
• what steps have been taken to insure that the uncle's assets aren't stolen either before or immediately after his death?
• is the uncle comfortable revealing the details of his current financial status to the OP?

Enough said. :greetings10:
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Put me in with those that question the legitimacy of this post. However, if real, the person who posted this question needs to answer the above questions. Not on this forum, but for himself. This forum is not going to help you in any meaningful way. Contacting and discussing the estate and will with your uncles trusted advisors is the path. Not only will they be able to confirm information for you, they will be able to help you after your uncle passes. Frankly, if you don’t build these relationships now, you may never see a bit of that money. If you are the only one, what will stop them from finding a way to take that wealth from you? Get busy contacting these people or in my opinion, you’re either not serious or you need a lot more help than this, or any forum on the internet is going to be able to provide.
 
miguelmartino said:
my uncle is almost 90 years old! rsvp.
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miguelmartino said:
right now im going on 39 and dont know when so i can safely assume that if i were to inherit like 800 million dollars in the distant future i no longer need to plan for retirement? if you were to inherit 800 million dollars when youre 65 years old, how would you use some of that money to live of it assuming its retirement were talking about then in your opinion only?
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If your uncle is almost 90, you won't be waiting until 65, unless he could potentially live another 25 years. With $800M, it doesn't matter if you're talking about retirement or not. :facepalm:

gwraigty said:
You should absolutely continue saving for your retirement! Do not count on receiving $800M. If you do receive that much, you could put it in a simple savings account at 2% and never touch the principle. Do the math.

I'm done playing now. I have to go fix my family's dinner.
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A correction to the advice I gave above. Forget savings accounts. With $800M, I'd be looking at munis. Or low turnover stock funds. No way I'd be paying federal ordinary income tax rates on $16M+ annual interest!

And if you can't figure out how to live on $16M+ without touching the $800M that's generating that kind of income, you've got bigger problems than trying to keep all the facts straight in this story line.
 
IF this story is legit (and I have my doubts) I feel sorry for the uncle, whose nephew is apparently ghoulishly hanging around waiting for uncle to kick the bucket, so he can get his paws on uncle's money.

Nephew may be very surprised to find that life can change in an instant, and does not always turn out the way you plan, no matter how "certain" you are that something is going to happen.

There is a reason for the old saying "don't count your chicken$ before they hatch."
 
having inherited a large amount ( for me ) of money and a share portfolio ( completely unexpectedly ) from a relative .

what would i suggest ?

1. LEARN about the world of finance and investing , even if you also seek advice from professional advisor later ( otherwise you will have no idea if your advisor is good or terrible )

2. make a plan of what you want to do in your future retirement ( and think about that carefully ) there will be a HUGE temptation to waste all or some of it

*** 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. ***

this makes a lot of sense as well ( on several levels )

just because your uncle is 90 does NOT mean death is impending he might have another 10-15 years left in reasonable health

the relative i inherited from had cancer surgically removed in 1946 but finally died from complications of a stroke in 2010 ( the original stroke was in 1990 )
 
miguelmartino said:
he has shown me his offshore bank statements! want more proof?
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OP has not been logged in since this post 3 days ago.

My guess is that the uncle has died and he no longer needs us. :LOL:
 
Hmmm....which is funnier...the ridiculous original premise or the well thought out responses?
 
miguelmartino said:
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! ....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!
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You need to seriously look at the tax requirements for the place(s) you'd want to live.

If you inherit the money before you renounce your US citizenship, you'll have to pay an 'exit tax' on the inheritance value before the US lets you give up your citizenship. That's about all I know about this. Time for you to do some serious research, or you could lose half or more of your inheritance to various taxes.

https://www.forbes.com/sites/robert...heres-how-irs-computes-exit-tax/#7e782127287d
 
MIguel....have I told you today how handsome and talented you are?


Let's meet! For a small fee I will advise you in private what to do with your billions!


Bring your statements...better yet, bring your rich uncle's phone number!!!


Thanks!
 
miguelmartino said:
right now im going on 39 and dont know when so i can safely assume that if i were to inherit like 800 million dollars in the distant future i no longer need to plan for retirement?
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That depends on how lucky you feel.

If your uncle promised you a lot of money, how confident are you that you will actually get that money? People change their minds. Investments tank. Governments change.

Have you actually met this rich uncle in person?

If you feel very lucky, then stop planning for retirement and keep your fingers crossed for a lot of years. You'll learn if you guessed right sometime in the distant future.

I wouldn't use the word "safely" here. But we may differ on our definition of that word.
 
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I'm starting to wonder if the OP had ever heard of this uncle until he received an e-mail from him, asking for help with the administration fees involved in getting the money out of those offshore accounts.
 
BigNick said:
I'm starting to wonder if the OP had ever heard of this uncle until he received an e-mail from him, asking for help with the administration fees involved in getting the money out of those offshore accounts.
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The Nigerian Uncle scam...
 
The bottom 2 posts were posted by the OP (1st 2 posts) in the City Data Retirement forum.
No mention of a rich uncle....

if someone started working at 20 and retired at 70, how big would their 401k be if they maxed it out? for 50 years they put as much money as the law would allow. each year for 50 years they made about 50k annually working as a bricklayer. they never had kids and never got married. how big would their 401k be after 50 years if they decided to max it out? i think that uncle sam puts a limit per year which i think is like 18 or 20k annually or something like that. would their 401k be like 3 million approximately or more? can someone please help me here? thanks.

could someone become rich by buying stocks and if so, how long would they have to wait to see some serious return on their stocks assuming they became millionaire rich:confused:? 30 years or more or less? how long would someone typically have to wait in order to become millionaire rich with their stocks? would they have to wait a really long time assuming that they ever saw some serious potential here as far as stocks go or is this just an urban legend? whats the deal with buying stocks and some people claiming that they became millionaire rich or any kind of rich again assuming they maxed it out? would there be any stocks experts here on this forum regarding retirees and their stocks thinking someone made some serious money with their stocks? the only part i cant figure out is how long they would have to wait to see some serious return on their stocks? rsvp.
 
The rambling questions and statements do very little to install confidence that this person (if this is legit) can be helped until he exerts effort to educate himself on some fundamental principles. This posting of numerous hypothetical questions may never end.


The OP needs to spend some time reading a few of the resources here:



Retirement Planning Resources - Early-Retirement.org Links Directory



Are you still with us miquelmartino?


Cheers!
 
and thinking very carefully on what will be best for him ..there will plenty of temptations he should avoid
 
Confucius say, "Rich Uncle with $800M will surely find harem before death finds him."
 
Or wealthy uncle may find God... and give away his money for salvation.
 
ASung90s said:
Or wealthy uncle may find God... and give away his money for salvation.
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My not-so-wealthy aunt gave virtually all her money (6 figures) to her church.
She gave $1000 to one step-daughter who helped her for many, many years.

It was her money to give as she chose. And I guess she got a lot of peace from her religion.

But still, I thought her step-daughter deserved a lot more. The step-daughter seemed okay.

BTW, for everyone who intends to leave the bulk of their fortune to the church, leave a defined amount rather than "whatever is left". The latter makes the executor's job much harder (at least in my state). A lot of paperwork is required by the state to make sure nobody is getting scammed. That paperwork could have been avoided by bequeathing a fixed amount to the church and the remainder to an heir.
 
joeea said:
It was her money to give as she chose. And I guess she got a lot of peace from her religion.

But still, I thought her step-daughter deserved a lot more. The step-daughter seemed okay.
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If the step-daughter is also religious, it's very much understandable.

Counting on an inheritance before probate is just not a smart way to live.
 
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