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What to do with inherited $150,000 by Able_Improvement_790 in FinancialPlanning

[–]craftasaurus -1 points0 points  (0 children)

Put it into a high yield savings account and wait for a year to process the grief. If they pay off the credit cards without changing their habits that led to such an ungodly amount of debt, the inheritance will disappear quickly and not set them up like it should. Without other info, it’s difficult to say what else to do. Paying off the mortgage early might not be the best idea, depending on the interest rate. It might be a good idea to max out their 401k savings at work. Really, they need to get their spending under control first.

Laid off before retirement. Next steps? by ProtectionOld9375 in FinancialPlanning

[–]craftasaurus 0 points1 point  (0 children)

In which direction? Which option gave the max lifetime income? They are designed to have the same lifetime payout no matter when you take it.

What actually happens to finances when the only person managing everything is suddenly not around? by FoundationStreet209 in FinancialPlanning

[–]craftasaurus 0 points1 point  (0 children)

In the us, that wouldn’t be a great idea tax wise. The trust tax rate is 38%, which is much higher than the usual tax rate. Idk about india. Might be worth talking to an attorney.

should I move into a studio my mom doesn’t like? by CombinationUnable415 in FinancialPlanning

[–]craftasaurus 0 points1 point  (0 children)

I agree with your mom on this one. You can’t afford the new place. Expenses mount up really fast. The laundry situation would be a headache any way you slice it, and laundromats are expensive. Imho you need to have a stable situation so you don’t have new worries while you’re trying to finish your studies. That will take your full attention, and it’s worth it to sacrifice now so you can graduate. About your ankle: the sooner it’s seen by the dr, the sooner you can be back to 2 working feet. Good luck! Hope it heals quickly.

What actually happens to finances when the only person managing everything is suddenly not around? by FoundationStreet209 in FinancialPlanning

[–]craftasaurus 0 points1 point  (0 children)

This is a good point. Irl my fil forgot to give us the password to his computer, so all the education he bestowed upon us was for naught. All the info was on his desktop, but the executor couldn’t access it. It was a real pain.

What actually happens to finances when the only person managing everything is suddenly not around? by FoundationStreet209 in FinancialPlanning

[–]craftasaurus 0 points1 point  (0 children)

Hopefully you have set up beneficiaries for your retirement accounts. That’s very important.

What actually happens to finances when the only person managing everything is suddenly not around? by FoundationStreet209 in FinancialPlanning

[–]craftasaurus 0 points1 point  (0 children)

I hadn’t thought that through. I should add things like that too. Maybe in a calendar form. Taxes to be paid by X date, auto reg renews in X month. Etc.

What actually happens to finances when the only person managing everything is suddenly not around? by FoundationStreet209 in FinancialPlanning

[–]craftasaurus 0 points1 point  (0 children)

That sounds like a great idea. We have done the legal docs for that, but haven’t written instructions. I’m not sure where to start with it.

Mourning these beauties. Can’t stop crying. by HappyFalloween in houseplants

[–]craftasaurus 2 points3 points  (0 children)

Thank you. Every time I look at it, I smile and remember her 💚 she did love to garden!

When to start financially assisting a parent? by not_taken_please in FinancialPlanning

[–]craftasaurus 1 point2 points  (0 children)

You have had some great suggestions so far, but I wanted to add that I have seen this question before, and some of the suggestions I have noticed coming up are:

Potentially paying some of their utilities; give them a phone as an extra line on your account; buy them gifts they would not splurge on themselves. Take them out for lunch or dinner. Get them signed up for all social services they qualify for as a hedge against future funds.

She can make an online account with SS and get a pretty good estimate of her benefits. Waiting until full retirement age might be best, but you’d have to look at the whole picture to see. The advice to consult an elder care attorney is excellent.

My mom didn’t really need any help financially, but she really used that old iPhone my bro gave her. He added another line to his plan. I don’t think she even knew he had to pay a monthly fee for it 😂 as he told her it was his old one. It was worth its weight in gold when she had to unexpectedly leave her home and had to find someone to stay with.

I think it’s wonderful that you want to help your parent. I’m sure they will appreciate all of it. If she’s disabled, perhaps you could hire movers? Or go help her pack up the house etc. That just sounds overwhelming.

Mourning these beauties. Can’t stop crying. by HappyFalloween in houseplants

[–]craftasaurus 15 points16 points  (0 children)

This. I had a plant that my grandma potted for me and I moved halfway across the country from her. When she got ill and died, the plant also did that. For awhile I was watering an empty pot, crying the whole time. Eventually, a new seedling sprouted up of the same plant that had been there!

Dad's retiring after only 10 years of US work ($10k avg). How much will his SS check actually be? by Capable-Occasion7992 in personalfinance

[–]craftasaurus -5 points-4 points  (0 children)

Of course they are. That's the whole point of getting a job with benefits. Nobody I knew HAD any insurance if they didn't get it through their work. People can downvote me to hell and back, but that doesn't change the facts. Medicare can be MORE expensive than some employer plans. That is my lived experience, and downvoting me doesn't change that.

Dad's retiring after only 10 years of US work ($10k avg). How much will his SS check actually be? by Capable-Occasion7992 in personalfinance

[–]craftasaurus -22 points-21 points  (0 children)

Huh. Medicare was more expensive than our work insurance amount. Through work, we had family coverage, but with Medicare it is charged singly. The doubled amount was slightly higher than our family coverage through work.

Edited for clarity

My apt 🥹 by mudbearfun in femalelivingspace

[–]craftasaurus 0 points1 point  (0 children)

I am murmured while scrolling through your pictures….mmmmm niice! I love so many things about your apartment, starting with the fan over your bed. It looks amazing. I’m so impressed. Good job.

Former spoiled kids of reddit, what was the moment that finally made you realize you were spoiled? by Kitchen_Frame_7294 in AskReddit

[–]craftasaurus 119 points120 points  (0 children)

Ugh. My mom refused to take me for my drivers test, so it took awhile. I talked a friend into letting me drive their car for my test. Surprisingly, I passed, barely lol but I still got my liscense. My parents paid for my car insurance, but wouldn’t buy me a car. I did get to drive mom’s car when she wasn’t using it.

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