As title explained I received some inheritance recently and not sure where to put all the money. In total I probably have around 35K sitting in checking accounts (a couple thousand in savings accounts but not doing much). I have a 401k through work i'm contributing to (around 40k). Also have around 250K sitting in inherited IRA accounts. Rule is I need to take that money out over 10 years but it is taxed like normal income. Also probably going to be getting another 100k+ in cash from a house. So basically I need advice on where to put my liquid cash (HYSA? or money market??). How much should I take out from the inherited IRA every year for the lowest taxes? Do I need another IRA outside of my work one?
Additional info: current income ~135k, rent ~2k Appreciate any advice!
original posted by 9redmamba7 to r/personalfinance on Thu, 07 Mar 2024 23:11:46 GMT.