best3444 Posted February 16 Share Posted February 16 I recently retired from working with the State for 16 years. I chose to take the lump sum and put it away to gain interest. My question is, where should I put it to gain the most interest? Quote Link to comment Share on other sites More sharing options...
AbsolutSurgen Posted February 16 Share Posted February 16 Just now, best3444 said: I recently retired from working with the State for 16 years. I chose to take the lump sum and put it away to gain interest. My question is, where should I put it to gain the most interest? Get a wealth manager. You do not want to have it in interest bearing securities long term. 1 1 Quote Link to comment Share on other sites More sharing options...
Brian Posted February 16 Share Posted February 16 Talk to a CFP. Seems like this money will be a mix between retirement and living off of it. You will want someone who can factor your lifestyle needs, taxes and investment risk. 1 Quote Link to comment Share on other sites More sharing options...
Slug Posted February 16 Share Posted February 16 Buy shitloads of scratchers and see what happens! 1 Quote Link to comment Share on other sites More sharing options...
best3444 Posted February 16 Author Share Posted February 16 1 hour ago, Brian said: Talk to a CFP. Seems like this money will be a mix between retirement and living off of it. You will want someone who can factor your lifestyle needs, taxes and investment risk. What's a CFP? Yes, this will be a mix of retirement and living off some of it. Quote Link to comment Share on other sites More sharing options...
Brian Posted February 16 Share Posted February 16 Just now, best3444 said: What's a CFP? Yes, this will be a mix of retirement and living off some of it. Certified Financial Planner What is a Certified Financial Planner (CFP) and what do they do? WWW.BUSINESSINSIDER.COM CFPs are highly knowledgeable and experienced financial professionals who advise individual clients on a wide variety of financial topics. 1 Quote Link to comment Share on other sites More sharing options...
AbsolutSurgen Posted February 16 Share Posted February 16 Just now, best3444 said: What's a CFP? Yes, this will be a mix of retirement and living off some of it. Certified Financial Planner. Don't live off your retirement money if you don't HAVE to. Quote Link to comment Share on other sites More sharing options...
best3444 Posted February 16 Author Share Posted February 16 2 minutes ago, AbsolutSurgen said: Certified Financial Planner. Don't live off your retirement money if you don't HAVE to. Oh, I don't plan to but I have two major expenses that absolutely need covered and only my retirement can do this. Quote Link to comment Share on other sites More sharing options...
AbsolutSurgen Posted February 16 Share Posted February 16 3 minutes ago, best3444 said: Oh, I don't plan to but I have two major expenses that absolutely need covered and only my retirement can do this. Make sure you understand the tax implications before doing it. Get a CFP/Wealth Advisor, and talk to them. 1 Quote Link to comment Share on other sites More sharing options...
best3444 Posted February 16 Author Share Posted February 16 1 minute ago, AbsolutSurgen said: Make sure you understand the tax implications of them before doing it. Get a CFP/Wealth Advisor, and talk to them. I do understand the tax situation because I had a counselor work with me in choosing my retirement plan. Quote Link to comment Share on other sites More sharing options...
gamer.tv Posted February 17 Share Posted February 17 I need to consider how I can arrange to retire early. In the UK, general talk is that state retirement age will be 71! I have a teacher pension that I pay into, and hopefully a state pension will still be a thing…but 71 is just ridiculous. 60 might be more viable. Quote Link to comment Share on other sites More sharing options...
best3444 Posted February 17 Author Share Posted February 17 11 hours ago, gamer.tv said: I need to consider how I can arrange to retire early. In the UK, general talk is that state retirement age will be 71! I have a teacher pension that I pay into, and hopefully a state pension will still be a thing…but 71 is just ridiculous. 60 might be more viable. Yea 71 is absurd. I was forced to retire though. I got fired lol. Quote Link to comment Share on other sites More sharing options...
gamer.tv Posted February 17 Share Posted February 17 49 minutes ago, best3444 said: Yea 71 is absurd. I was forced to retire though. I got fired lol. Will you end up going back into work and stash that into a ‘later in life’ pension, or do you have another plan in mind? I’m vaguely hoping that if a few circumstances line up and work out well, my wife and I may be able to wrangle an early retirement (aiming for 60) through a bit of property investment, some inheritance bits and bobs, and possibly some actual investing if we ever actually end up with spare cash. Quote Link to comment Share on other sites More sharing options...
erpg Posted February 17 Share Posted February 17 Put it into a low fee index fund from Vanguard that tracks the SP 500 or something. Quote Link to comment Share on other sites More sharing options...
best3444 Posted February 17 Author Share Posted February 17 57 minutes ago, gamer.tv said: Will you end up going back into work and stash that into a ‘later in life’ pension, or do you have another plan in mind? I’m vaguely hoping that if a few circumstances line up and work out well, my wife and I may be able to wrangle an early retirement (aiming for 60) through a bit of property investment, some inheritance bits and bobs, and possibly some actual investing if we ever actually end up with spare cash. If I choose to go back into working for the state it would change nothing in how things are because I officially pulled all the money out. It’s mine. Now I need to get with a financial advisor and see where to put it to gain maximum interest. Quote Link to comment Share on other sites More sharing options...
gamer.tv Posted February 17 Share Posted February 17 1 hour ago, best3444 said: If I choose to go back into working for the state it would change nothing in how things are because I officially pulled all the money out. It’s mine. Now I need to get with a financial advisor and see where to put it to gain maximum interest. I’m not going to ask how much you’ve accrued in 16 years, but genuinely interested to know if I can stretch for, I don’t know, 40 years? That’s just why I mentioned returning back to work. Quote Link to comment Share on other sites More sharing options...
stepee Posted February 17 Share Posted February 17 11 minutes ago, gamer.tv said: I’m not going to ask how much you’ve accrued in 16 years, but genuinely interested to know if I can stretch for, I don’t know, 40 years? That’s just why I mentioned returning back to work. Nobody is going to get them a pension that allows that lol - you get social security when you reach retirement age but that is not enough for rent or anything. Of course he has to return to work, this is America. My advice too would be to make sure to return to work as soon as you can, unfortunately. I’ve received large inheritances before 90k, then 120k, in my youth, and blew them both easily in 2-3 years each. Money goes quick if you try to live off of it. It’s much more important to keep that bulk sum invested to hopefully grow so you do have some type of net to combine with your social security when you get older or you can end up screwed. No matter how much it might seem and how much time you might think you have to find a job, it creeps at you. Quote Link to comment Share on other sites More sharing options...
best3444 Posted February 17 Author Share Posted February 17 I accured $64K @gamer.tv in 16 years. It's not much. Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted February 18 Share Posted February 18 I got $25k tax-free after my mom died, then I injured my shoulder and couldn't work for like 4-5 months. That money was gone within a year and I didn't even do anything nuts other than buy an expensive laptop. 1 1 Quote Link to comment Share on other sites More sharing options...
Brian Posted February 26 Share Posted February 26 On 2/17/2024 at 4:45 PM, stepee said: Nobody is going to get them a pension that allows that lol - you get social security when you reach retirement age but that is not enough for rent or anything. Of course he has to return to work, this is America. My advice too would be to make sure to return to work as soon as you can, unfortunately. I’ve received large inheritances before 90k, then 120k, in my youth, and blew them both easily in 2-3 years each. Money goes quick if you try to live off of it. It’s much more important to keep that bulk sum invested to hopefully grow so you do have some type of net to combine with your social security when you get older or you can end up screwed. No matter how much it might seem and how much time you might think you have to find a job, it creeps at you. God was like “I gave this ass $90k. Dude blew it on coke. Gave him another $120k. Dude blew it on electronics. I’m gonna run this dick over to teach him a lesson. What? He got bags from it? Motherfucker!” 4 1 Quote Link to comment Share on other sites More sharing options...
best3444 Posted February 26 Author Share Posted February 26 I'm still in the waiting process. I did get something in the mail on Friday confirming I'm getting the cash. Quote Link to comment Share on other sites More sharing options...
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