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I don’t know where you live, but most of us on this planet can live off much less than that.
Agreed. I'm living on $20,000 a year and able to save even. It's great the OP is getting this money, but wondering if he has enough to retire? Good grief!
As mentioned sorry about your mom and dear goodness do not retire.
The adult thing to do would be.....once proceeds settle under your full control look for a different job or suck it up and stay put. Spend a couple of years learning about the markets and investing and once you are comfortable being in charge of your own money consider retiring.
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That sounds like a lot of money. It’s not if you retire now and live to be 95.
How much did your mom start with? Sounds like her investment advisor did ok by her. I’d let that money stay where it is and grow some more before retiring.
You will need for it to grow way more than inflation. FWIW, DH retired at 52. he is now 85. What will you do if you retire? We take 4% a year out and we’re making an average of 10% a year.
A lot of people have suggested that I talk to a financial advisor. My parent's financial planner is with Edward Jones, and I will be talking with him on Monday to discuss my options. He wants to know if I want to cash out or just leave it invested with Edward Jones. It sounds like most of my siblings are going to leave their inheritance alone, and just keep it invested with the Edward Jones CFP.
1) I had a bad experience with Edward Jones and would not recommend them to anyone.
They do a lot of trades, which means at the end of the year, I had a lot of taxes to pay, since they were short-term earnings, not long-term earnings, which makes a difference in the tax rate.
Plus, there was a HUGE fee to shut down the account.
2) Also, since you have no kids, why be so adamant about not dipping into your capital? So what if you die rich? Who's going to get your money when you're dead?
3) At one point, I was trying to find a financial advisor, so I checked out some books from the library Some of those books were written for people who want to become financial advisors. They were all about how to get as much money from the client as possible.
My MIL used financial advisors after her husband died, and I was appalled at how much money they charged her! Hundreds of thousands a year.
4) By all means, quit your job and find something that you enjoy more.
That sounds like a lot of money. How much did your mom start with? Sounds like her investment advisor did ok by her.
My mom was a Pediatric Nurse and my dad was a Systems Analyst. From what I understand, they started investing way back in the late 1950's, with stocks and mutual funds, and continued to add to their investments all the way up until they died.
Nobody knew that they had any money because they lived a very frugal lifestyle. They paid cash for everything, never had any debts, never cashed out any of their investments, always bought the generic brands, clipped coupons, drove a station wagon, and shopped at goodwill & garage sales.
When my mom passed away recently we were surprised to learn that they had over 4 million stashed away. They never told us that they had that much money. So now it's being divided up equally between the 5 of us kids. It almost feels like winning the lottery.
My mom was a Pediatric Nurse and my dad was a Systems Analyst. From what I understand, they started investing way back in the late 1950's, with stocks and mutual funds, and continued to add to their investments all the way up until they died.
Nobody knew that they had any money because they lived a very frugal lifestyle. They paid cash for everything, never had any debts, never cashed out any of their investments, always bought the generic brands, clipped coupons, drove a station wagon, and shopped at goodwill & garage sales.
When my mom passed away recently we were surprised to learn that they had over 4 million stashed away. They never told us that they had that much money. So now it's being divided up equally between the 5 of us kids. It almost feels like winning the lottery.
The classic millionaire next door story.
Pay homage to their memory by continuing their legacy. Be smart about spending, invest, live life and consider giving to charities.
Million dollars is not a million dollars anymore. You can burn that up pretty quickly in today's world.
Be careful with investing. Though I would talk to an investor to understand your options. I acknowledge this is an area that I am not expert.
Most importantly you should understand your budget goals to sustain you. So, I would continue working and saving money. Don't be impulsive, you must be smart by NOT spending more. Maybe you should re-evaluate your spending habits and annual budget to sustain for you. Personally, I would learn how to live on less, in case you decide to retire early.
I cannot speak from experience, but I have heard so many people advise others to steer clear of Edward Jones. They might be perfectly fine, but all the negative things would give me reason to stay away from them. I use Fidelity and Schwab and recommend both.
What I dislike about EJ is that they charged fees to reinvest dividends. Schwab and Vanguard do not.
Health insurance goes by your income, not your assets. He may be able to do better than 1k a month. I have a friend in Florida who got a $1200 Gold plan (who is much older than the OP). Florida isn't known for low insurance rates. And this friend had higher assets and income than our OP would.
I never said anything about it being related to your assets. He's going to have to pay for it himself if he quits his job.
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