Last week I had sent my boss the form to increase my 401k contributions, so I could max out what they will match, instead of leaving $900 a year on the table. As I was finishing up payroll this morning and running the reports, I took a look at my net pay, to see what it is now, with the extra being taken out, pre-tax. My net take home was more! Well, I got a raise! So, that was a happy surprise and even nicer to get one without having to ask for it.
So, yep, the call from my uncle on Saturday (that I returned yesterday morning) was again to ask, in a roundabout way, when he may get his money. On Saturday I got a packet in the mail from the investment company with a cover letter saying "we've opened your new account" and the rest was legal disclosure stuff. Uncle got the same thing in the mail and called to ask me what it was - is his account open yet? I again (for what is like the 4th time now?) explained that they have to open an inherited IRA account for a beneficiary, so that's what this is. BUT, so far, from what I was told last week, while the accounts are now set up and ready, the actual funds have not been transferred over into these inherited IRA accounts yet, as their "estate dept" is still getting it all processed. She originally told me she thought it might take 3 weeks, so it's only been 2 weeks so far since they got the death certificate and got started on the process. "Oh ok - I'm not in any hurry...just curious". uh huh...LOL. Then he asked again how he goes about getting the money - do they send him a check? So, I again told him he will be able to request a full distribution via either a check or electronic funds transfer to his bank account. At this point I'm starting to suspect with his age, he's starting to get a little bit forgetful. I will be so happy when they get this all finished and I told him I would be sure to update him as soon as I know any more.
I'm still trying to work out, via spreadsheet, what is the best plan for me to withdraw my inherited IRA over the next 10 years, with the #1 goal of paying off my mortgage and the #2 goal of retiring no later than 7 years away, at age 67 and #3 minimize the tax hit of it all. The best plan is to spread it all out pretty evenly over the next 10 years, but if I retire in 7 years, then the last 3 years my income will be lower and I could shift more of the distributions to be in those last 3 years, since I won't be in as high of tax bracket. Also, once this stock portfolio gets transferred to my account, I'll set up a phone call with the investment advisor to get his feedback on it all. Oh, and there is a #4 goal - enjoy some of the money as well! My thought is some of the growth/earnings that it earns each year can be used for "fun money".
I do imagine this is more than being forgetful. He is anxious to get money, to get his hands on it.
ReplyDeleteIs/was he at all sad about his sister dying? Does he call you late like he did her despite your explaining how she did not do well at night? Does he call you as soon as he gets up or earlier in the day? I would guess other people are pushing him to get the money in his account.
I would definitely do something with the money other than just letting it sit. Of course, you want a secure future, but having some fun and a few things while you are relatively young would be ideal. I am quite sure you will do the best with your inheritance.
I think he's sad, he's the only one of his siblings left. But, he's always been a distant family member in some regards, as he never lived close to my grandparents or my mom. He usually calls or texts me at normal hours during the day. I really doubt others are pushing him for the money. He's always been the type that buys old cars to try to either fix up and sell or get a steal on it and then turn around and resell. I'm sure he's got something in the works and wants the money now to take advantage of it.
DeleteGreat news on the raise!
ReplyDeleteI had to blink twice to make sure I wasn't seeing things on the payroll report, LOL
DeleteThat raise is a blessing, for sure! To think that you just signed up to put more money into retirement, but are still bringing home more than you were before. That's awesome.
ReplyDeleteI, too, think there is something else going on with uncle. He always forgot what time to call, etc, and is now asking the same questions over and over. He's been so straightforward about this, I think I would have to ask what his plans are for the money or why he seems so needy for it. If he gets to ask questions, you do, too.
I've never been the type to ask/pry into other's lives and especially regarding money. Also, even if he told me, I'd never know if he's telling me the truth or not. I honestly don't care what he does/what happens to the money. I just want him to get it so I don't have to deal with it anymore
DeleteI agree with the other comments about memory issues. Since your mom had dementia it would not be unusual for him to also have it. He doesn’t seem to be able to process what you are telling him. Unfortunately I think he will be an easy mark for scammers if this is true. You have done your part for him by keeping him in the loop on your mother and keeping him in her will.
ReplyDeleteTheir father, my grandpa, also had Alzheimer's. Both my grandpa and my mom got it in their late 70's, which is where my uncle is at in age now. Hopefully he is spared. Supposedly he has a good friends daughter he trusts as his executor and if not her, he has given someone DPOA, if/when should the need arise.
DeleteCongrats on your raise!!
ReplyDeleteDon't be hesitant to spend on yourself.
You've earned the right & no need to feel quilty.
Maybe your uncle just wants to see his inheritance to believe it. And spend it.
poor guy:)
It would be interesting to know what a healthy 79 year old single guy spends his money on, LOL. He has a very modest small house , that I *think* is paid for, but even if it's not it can't be much of a payment. He bought it in 1996 for $108k (per Zillow). And if he supposedly has VA disability, SS and whatever he managed to save in 401k while working all those years, he can't be hurting each month for money. I'm sure he has his eye on some old car he wants to buy and he wants to get the money before he loses out on being able to buy it.
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