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We have lived for years without it. We are content to continue without it.
We do not anticipate using it for our living expenses. We will manage it until it passes on to our children.
My wife is very upset that this requires paying income taxes.
Your wife could have disclaimed the assets creating no taxable event for yourself. The story you tell here never fully adds up though so your lack of disclosure a couple days ago, failure to discuss rental/total income in that thread, holes in your alledged tax scheme etc all leave grounds for questionable reality
Your wife could have disclaimed the assets creating no taxable event for yourself. The story you tell here never fully adds up though so your lack of disclosure a couple days ago, failure to discuss rental/total income in that thread, holes in your alledged tax scheme etc all leave grounds for questionable reality
We have not had any rental income for years.
When I was working we had rentals, then I retired and we sold those properties, to buy this property. I have said this to you previously.
Years ago when you were a teenager I bet you flipped burgers. Do you still consider that income as a part of this year's income?
If you inherit from a deceased spouse life insurance that will cover about 5 years worth of expenses, are you better off spending that life insurance in 5 years, or spreading it out over say 10 years while also hitting other inherited taxable IRA accounts?
Is there any advantage in hitting the taxable accounts sooner than necessary like driving down future RMD's and their taxability when you may not need them once social security benefits also kick in.
Any other considerations?
How would you calculate what is the best option?
5 years is not really enough to cover your needs by itself. It would, however, allow you to take more time in finding a job so that you can get a good job instead of having to take the first thing that comes along. I'd recommend this option unless you have retirement assets of more than 20 years of living expenses. Medicare and Social Security will always be on the political chopping block. Not complete elimination, but severe reduction.
When I was working we had rentals, then I retired and we sold those properties, to buy this property. I have said this to you previously.
Years ago when you were a teenager I bet you flipped burgers. Do you still consider that income as a part of this year's income?
I would not just list my military income when having a discussion while complelty leaving out rental income that overlapped for many years. It's intentional and dishonest
Back to the OP's issue....
I take it you don't work...will you look for a job?
Also you never say how MUCH you have in those inherited accounts or other money.
To me...how much I have to start with (and whether it's taxable or not) would be the most important piece of the puzzle.
Are you dealing with numbers that WILL work with no problem....will work with some attention to detail and a plan...OR won't work PERIOD, because there's just not enough money. Period.
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