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May 9, 2023 at 6:08 pm #81980USER
He had a medical emergency and during a long 10 month recovery he used his retirement funds for living expenses- all of it, 175k. He had partial disability coverage which ran out, and he used his retirement savings to stay afloat. finally he lost his job due to the extended leave of absence.
Now nearly recovered, he is job hunting with good prospects (70-80k income) and has a pending liability lawsuit with the business responsible for his injury. He thinks that he may have about 70-100 k coming in a few months and would like to “sure up” his retirement accounts. Since he can’t replace funds in his deferred comp plan, and there is a relatively low cap on annual ROTH IRA’s.
Suggestions on safe-ish investments?
He doesn’t have great impulse control, so trying it up in something that allows a monthly payment to him at 66 would be great, but I hate to even think of annuity. No spouse, fair health. ideas?May 9, 2023 at 6:09 pm #81981Michael
My take away is “low impulse control”…all the great ideas won’t help if he just undoes them with every news cycle. An annuity isn’t such a bad idea, although the industry is fraught with bad ones, it does provide him with longevity insurance.
Which at 63, is a distinct possibility.May 9, 2023 at 6:10 pm #81982Jami
I think he might need assistance from a fee -based financial advisor. Not someone who is trying to sell him something but someone helping him figure things out.
Though his health is reported as “fair” he may need to work longer than he wants.
Unfortunately, we never know how long ones health will hold out and if working longer is even possible.
Sounds like he needs to watch cooking classes on Utube and dramatically cut his cost of living. Perhaps something like over- spenders anonymous would help.