My wife and I both in mid to late twenties both just started new jobs as attorneys making 74k a year each. This year we’ll be in the under 80k tax bracket since i started the job in June and my wife is starting this month. I make some money on the side from the Guard but that money is unpredictable. We also have a brand new baby (4 months) just moved to Alaska, and are renting. We have about 18k in credit card debt that costs about $600 a month, pay $1700 a month in rent, and $700 a month for a car payment. We also each or like 200k a piece in student loans we haven’t started paying on yet. Also we have no savings since we just incurred huge funeral expenses for my mom who just died.
Neither of us has ever really had much money, but my wife’s aunt (not blood related though) died in NJ this past FEB. We got a call from her financial advisor today saying my wife was in the will where everything is split evenly between her and two other people. She said my wife gets 8k in stocks, 74k in an IRA, and there’s also a house that the financial advisor isn’t the person in charge of distribution on but the house sold for 300k and we don’t think there’s much on the mortgage. She also has a 401k that she didn’t give us a number of how much was in and said she isn’t handling that either(she worked for the same company for 45 years which eventually became pfizer and then J&J and made decent money there). My wife also remembers she had a pension with her company.
We looked into it and found out with the laws we can’t roll the ira into a inherited retirement fund because she’s not a blood relative. What should we do going from here? Any help is super appreciated.
Submitted November 04, 2021 at 03:50AM by Dry-Fold-9664 https://ift.tt/3EKjXmo
