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'I live a very simple life but I need help.' I'm 75 with $1.1M in an IRA, $275K in CDs and $2.4K per month in Social Security. But I want to leave a legacy

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  Question: "I am a 75-year-old widower with no kids and I'm still working part time making about $3,500/month. I stuff away $2,000/month to an employee sponsored 401(k). I have

The article discusses the financial situation of a 75-year-old individual who has accumulated $1.1 million in an IRA, $275,000 in CDs, and receives $2,400 monthly from Social Security. Despite living a simple life, this person is concerned about managing their finances to leave a legacy. The individual has no debt, owns their home outright, and has no plans to move. They are seeking advice on how to ensure their money lasts throughout their lifetime while also leaving something for their heirs. The article suggests several strategies including adjusting withdrawal rates from the IRA, considering the tax implications of their investments, and possibly shifting some assets into more growth-oriented investments to combat inflation and ensure the longevity of their funds. Additionally, it touches on the importance of estate planning to facilitate the transfer of wealth to heirs efficiently.

Read the Full MarketWatch Article at:
[ https://www.msn.com/en-us/money/savingandinvesting/i-live-a-very-simple-life-but-i-need-help-i-m-75-with-1-1m-in-an-ira-275k-in-cds-and-2-4k-per-month-in-social-security-but-i-want-to-leave-a-legacy/ar-AA1AmZXY ]