[USER]

In my later 50’s and am a healthcare worker with 500k in 403b, and some cash, CDs, small ROTH, & money market.

House and car are paid off and i live in a low cost of living area I will not receive a pension when I retire, which I would like to do in 3-5 years.

I am worried about inhereting my father’s IRA and having to do required withdrawals in 10 years, right about the time I am starting Medicare.

Are we better off setting up annual gifts for me now, so we can lessen the money I have coming in for the 10 yr requirement, or should we move money from his IRA to a Roth as recommended by the broker, yet still leaves me with the 10 year requirement ?

[Tien]

Look into a FIA. It protects from market risk and can guarantee lifetime income.

Lmk if you have any questions, would love to educate.

[Donna]

I’m in a very similar situation. If you don’t mind me asking, how is it that you are anticipating the inheritance of this IRA affecting your Medicare in 10 years?

[John]

you can start converting traditional 403b to roth now I believe if you can afford the taxes

[Josh]

Without knowing your fathers financial situation nobody can tell you if he should be making gifts to you.

What if he needs the money?
As far as Roth conversions…speak to a CPA and not a broker.

[Author]

Posts