I am 30, and have a part time job where I make about $600 a month. I also have $6,000 saved in my 401k from a previous job. My current part time job has a program with very little match, and I really can’t figure out how to guarantee a good retirement?
It also would be nice to know how much money I should have in my 401k at this age?
closed part one by mistake!
My father just sold his home and moved into a retirement home.
He needs about $3,500 per month. He receives $900 in social security so he would need to draw out $2,600 per month.
He just received a small 6 figure amount from the house sale. His only asset and hopes to live at least 5 years at the care home (he is 85).
What do I do with that money? just put it into CD’s or buy an annuity?
I’m being told by one company that I should put it all in an annuity that will pay him the $2,600 but would not earn any interest.
The benefit would be that if his health declined and he was placed in a nursing home, that money would be protected for his heirs and he would use medi-cal for the nursing home.
I just want to stick it in the bank, earn him some interest and hope he stays healthy until it runs out.
What to do?
Amount is $230,000.
Only reason I’m thinking of annuities is the fact that the money would be sheltered from medi-cal, at least that’s what I’m told
The Annuities have been cashed out and the question is if they are considered income the beneficieres have to pay Federal or State taxes on.
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This video provides a brief overview of how variable and fixed annuities work, and why you should avoid them.
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