Now I understand why people suggest that you not make any major changes after the loss of someone close. My brain is numb and paralyzed. I get a good idea then in an hour it’s not such a good idea for me.
Financially there are a lot of things to consider. I’m not employed. I’m too young to collect his Social Security. I could take it early (next year) but would only receive 75% of his monthly stipend. A bird in the hand? Undecided. Still thinking.
Ralph had an IRA to which I am the beneficiary. Do I roll it into my IRA? Or put it in a regular account and buy some old fashioned safe corporate bonds?
I own a tiny house in Maui and a small condo in Oregon. For two years we were snowbirds! Financially, that is a pretty high hurdle. When we learned he had bone cancer, he wanted to live in Maui for the few years he had left (turns out only months), so we rented it to a great young little family ... who just happen to babysit our grandson! But the rent doesn’t quite cover my expenses. Should I move back to Oregon? Should I stay in Maui? Just raise the rent?
In addition, I’m helping support the care and upbringing of the most handsome baby boy in the universe. Should I back away and simply let the parents (not married) handle?
You know what ... I need to have a glass of wine, put all this reality out of my head ... and decide to think about this tomorrow. Or the day after.
I don't know if its different in different states but my husband's IRA was easy to deal with. I just had to send in a copy of the death certificate for my husband and they changed the name on the account from his to mine. I can draw out money whenever and if ever I want.
ReplyDeleteDecisions like you're facing are SO draining, aren't they.
Since I'm old enough to withdraw, I did decide to simply roll his IRA into my IRA. So the IRS knows its IRA!! Not only did I have to send a death certificate, I had to fill out two forms! And another to change MY beneficiary. PAPERWORK!
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