I am a 29-year-old US postdoc living in Germany for the foreseeable future (5<y<10). My father recently passed away and my mother plans to give my brother and I ~14k (to avoid gift tax complications on his estate) from his life insurance every year for (also) the foreseeable future to invest in our retirement/future plans. I've read the information on the windfall page and am also posting this on the ex-pats sub.
My situation:
- 1. Single, no debt (credit card, educational, or otherwise)
- 2. Healthy income, use YNAB - live within my means, net savings every month
- 3. Roth IRA with like 7k in it from when I was in grad school and still living in the states but not making enough to max it every year
- 4. German retirement plan - VBL extra which should switch over to the regular VBL after 2 years
- 5. Fairly risk averse
I have some plans that I would like to put in place/may need to pay for over the next ten years that I have been saving for like adopting a child or potentially getting married at some point. I feel like I would know exactly what to do with this money if I was living in the states but I'm not sure how living in Germany complicates this plan. Other than putting the money for my short term (<5 year goals) into a high-interest savings account, I have no idea how to handle this income.
edit: sorry this formatting sucks.
Submitted March 15, 2017 at 09:33AM by quirkus44 http://ift.tt/2msbtaP
