A close family member died 3 years ago. I have 7 years left until I have to pull all (currently) 37k out of the account. My spouse and I currently have $175k saved otherwise.
I'm looking to buy a house in 3 years ($400k maybe, idk I haven't fully considered that yet but seems like a good estimate for now). Want to pay as much of a down payment as we can comfortably afford unless interest rates drop a bunch.
We fully expect to have to buy my spouse a new car in that time as well, like a Honda CRV so around $30k. Want to pay in full.
The only other large and recurring expense that I am expecting is a kid in about 3-4 years as well, not sure how to estimate that cost though.
So to the question, when do I pull out the money? If I pull it out now I'd put it in an HYSA to go towards my house and car since that is a near term cost. If I keep it in won't it be a risky play considering I only have 7 years left? I'd just leave it in if I could keep it in for my lifetime but unfortunately those aren't the rules and I'm afraid if I wait that it'll drop much lower but also it could go higher, but I don't want to gamble nor act like I'm trying to time the market. Any thoughts?
original posted by Better_Progress23 to r/personalfinance on Sun, 03 Mar 2024 15:10:20 GMT.