My wife passed away this summer, and I've inherited her retirement fund. I need to figure out what to do with it, as well as what other investments I should be making. Here's some relevant information:
I just turned 40, and have a 3-year-old and a newborn. My wife has around $20k in a 401(k). I have $95k with TIAA-CREF. After my wife died, friends of ours organized a GoFundMe, and as a result, I have $33k in my checking account, and $17k in a "high-yield" (Ha. 1%. Thanks, Covid.) savings account. I just paid off one of our cars and will be selling it, and then I plan to pay off our minivan. No other debt besides the mortgage. Both kids now receive monthly social security benefits. I plan to start college funds for both of my kids, although I work for a university and plan to stay here, which means tuition would be free. Not sure how much I should put in.
So, what should I do with her retirement? I think I should roll it over to retirement for me, but 401(k) or IRA? Or something else? Is there anything else I should be doing with my money? Thanks in advance.
Submitted August 03, 2020 at 03:07PM by finance_throwaway__ https://ift.tt/2DtDKMn
