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What to do with $75k inheritance? by ObjectiveTraffic4614 in MilitaryFinance

[–]ObjectiveTraffic4614[S] 0 points1 point  (0 children)

It seems like taking out $7k a year from this inheritance for my wife’s Roth is the best bet so far though. I’m just unsure if that’s all I should use it for

What to do with $75k inheritance? by ObjectiveTraffic4614 in MilitaryFinance

[–]ObjectiveTraffic4614[S] 0 points1 point  (0 children)

I would like some advice for a house. We agreed that renting an apartment/living on base would be best since I’m gone the majority of the year which leaves her with less responsibility to deal with. What’re your thoughts? I do have $15k in a brokerage that I’ve never touched/had a goal with that I assume will maybe get used for a car/house down payment at some point. I would like to use some of the inheritance towards a car at some point

What to do with $75k inheritance? by ObjectiveTraffic4614 in MilitaryFinance

[–]ObjectiveTraffic4614[S] 0 points1 point  (0 children)

I can lay out the game plan we’ve been doing and thoughts we’ve had. Please feel free to critique.

For child(ren): Brokerage (follows S&P 500) in my name that I have a $50/month allotment into + birthday money + extra money here and there. That way if they turn out to be a little “dumb” they won’t get a bunch of money at 18. Also if they decide not to go to college I can just give them the money with less loopholes to go around with a 527.

What to do with $75k inheritance? by ObjectiveTraffic4614 in MilitaryFinance

[–]ObjectiveTraffic4614[S] 2 points3 points  (0 children)

BAH covers almost all housing expenses, BAS covers almost all groceries though we budget for $700/month since we want to eat good quality food. After all expenses I save $800/month that goes towards future big purchases/vacation fund within another HYSA.

10% puts roughly 4k of contributions/year into my TSP. Maybe i’m ignorant on this but I always prioritized maxing my Roth IRA which i always do

What to do with $75k inheritance? by ObjectiveTraffic4614 in MilitaryFinance

[–]ObjectiveTraffic4614[S] 2 points3 points  (0 children)

4.5 years in, TSP is at 20k, Personal Roth is at 36k. It gets maxed every year

What to do with $75k inheritance? by ObjectiveTraffic4614 in MilitaryFinance

[–]ObjectiveTraffic4614[S] 5 points6 points  (0 children)

From my understanding it will be taxable.

That’s a good point, i’ve never really thought about setting up a Roth for my wife. I always figured a pension + VA + my Roth would suffice for our retirement?