Hi all,
Been reading this sub for quite a while but made a throwaway for this post as a few of my friends know my real account. Details are below but if there is any questions please ask as i want to make sure I am making the right decision here.
I had one of my parents pass away at the end of the last year and somewhat surprisingly found the following account with me listed as a benefactor:
- $250,000 in life insurance
- ~$25,000 in an IRA
I am relatively good about money management but this is substantially larger than what I have dealt with before. I am in my late 20s and this is what I already do from a monetary standpoint:
- Max out my 401k contribution for the year.
- Years prior to 2016 I also contributed the $5,500 max to an IRA post tax. I have not yet done this for 2016 yet. Not sure if it worth it knowing the above details.
- Approximately $3,000 contributed to an HSA.
- I also have approximate $40,000 in savings and not invested already that I was building up for a down payment. I have personally delayed buying a home until I figured all of this out.
From an investment standpoint I do not really need any of the money immediately and wold probably want to invest a decent portion of it towards either retirement or maybe for a college contribution for future children(I don't have any currently)
Below is what I feel are my current options based on some conversations I already had:
1) I had an offer from Chase as part of their Private client program to do managed assets. Based on what amount of assets I will end up having it looks like it will be a fee of 1.45% annually. The benefits I see for this is that I already bank with them and having all my assets in one place. Also I have someone I can just call to find out whats going on.
2) Find someone else who offers similar options as #1 in a managed account that is more competitive on rates. I tried doing some research on this but I could not find any concrete numbers based on amount held etc.
3) Invest this money myself. Personally I am not sure if I trust myself enough to invest correctly with such a large amount. I definitely don't want to be managing this everyday or anything like that. I already have enough stress currently as is and don't want to add this on top of that.
If there are any more options to look at I will gladly look at them. Thanks for all the help in advance.
Submitted March 19, 2017 at 12:46AM by pfthrowaway191234213 http://ift.tt/2mgjSCQ
