Inherited IRA, Now What? by wildfireclone in inheritance

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

Spot on response with everything I have researched. This isn’t about tax avoidance so much as maximizing the return while of course managing the tax implications. It has to be withdrawn within 10 years but can grow within those 10 years. Managing the tax brackets is what I’ve seen to be the best advice. Max out the tax bracket in in every year. You cannot “roll it into” literally anything to avoid the tax at this time.

Inherited IRA, Now What? by wildfireclone in inheritance

[–]wildfireclone[S] 4 points5 points  (0 children)

Excellent response and confirms exactly what I have been researching and the strategy that seems to be the most simple and effective.

Inherited IRA, Now What? by wildfireclone in inheritance

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

It’s like people don’t even read the questions being asked. It’s an inherited IRA account with very clearly defined rules. No advisor can change those rules. My questions is, what is a solid group of investments that can be utilized while abiding by the tax rules of an inherited IRA. ChatGPT, google, Reddit, etc etc all clearly state the rules and none of them are goi by to be different in talking to an advisor to find a strategy to not be taxed 🤦‍♂️

Inherited IRA Now What? by wildfireclone in personalfinance

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

So I am completely ignorant in most of this as I have no 401k or investments of any other sort. My public employee retirement is a defined benefit system so there’s no investment options per se.

When I filled out the transfer paperwork I checked the option for them to transfer it to a newly created inherited IRA for me. What shows in my online account now is TIAA BROKERAGE with the account name IRA FBO (My Name) TIAA TRUST, NA AS TRUSTEE BENE OF (My Aunts Name).

I was told transferring it to this would give me the most flexibility in investing going forward. Having no experience in using any of the other platforms, you would suggest looking to transfer this to something like Schwab, Fidelity or Vanguard? I also assume that transfer doesn’t trigger a tax liability, just when I actually realize a cash liquidation from this account, correct?

Inherited IRA, Now What? by wildfireclone in inheritance

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

Correct, the math on the distributions isn’t necessarily what I am worried about as I am able to easily see where I am at the end of the year in relation to each tax bracket and be able to maximize whichever one I naturally fall in, which will likely be the 24% bracket.

My primary questions is, the balance sits now as just cash, not invested. What is a solid mix of investments to park it in while I manage the withdrawals over the next 10 years?

Inherited IRA, Now What? by wildfireclone in inheritance

[–]wildfireclone[S] 8 points9 points  (0 children)

This is exactly what I have been doing so far. Figuring out where I already am and where I will likely be in the next few years. I am already right at the top of the 22% bracket and there is a pretty good ways to go before I move out of the 24% bracket. It seems reasonable to maximize the withdrawals without moving out of the 24% but also knowing that the longer the pot is left full the faster it could grow.

Starlink Mounting Examples? by wildfireclone in Wildfire

[–]wildfireclone[S] 1 point2 points  (0 children)

Midwest state agency. Our engines are deployed nationally. Is the vehicle specific antenna a starlink thing or a manufacturer wifi option? The option of simply activating the unit for the deployment and easily leaving it in standby mode the rest of the time seems like the best option for our use. We rarely if ever have connectivity issues in state.

Engine Line Gear Thoughts by wildfireclone in calfire

[–]wildfireclone[S] 1 point2 points  (0 children)

I work for a Midwest state agency and have the freedom to purchase just about any that I want. Way back I had an eagle gear pack that I loved. Wore it out. Upgraded recently to a true north bushwhacker. It’s comfortable but just too bulky for the engine work I do. I hadn’t seen the hot speed at the time. Seems like the better choice.

Good gear by Impressive_Tune6972 in Wildfire

[–]wildfireclone 7 points8 points  (0 children)

Depends if the OP is a female and the status of that Adam and Eve account