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General Finance – Money Management

Q: I have just received $100,000 from an annuity of which I was the beneficiary. I have over $140,000 in student loans, 1 child in college, no retirement savings (less than $100 in a 401K), and maybe $3000 in credit card debt and about $120,000 in mortgage debt. I just need help figuring out what to do.

 

A: it is imperative that you outline a financial plan and then execute that plan to the best of your ability.

At a minimum your plan should address:

  • Your overall goals and objectives
  • Establishing an Emergency Fund (rule of thumb is 3 months of expenses for dual-income households or 6 months of expenses for single-income households)
  • Milestones for retirement savings (allocating and contributing to your 401k on an annual basis)
  • Milestones for debt payoff (pay off your debt in order of your highest interest rates)

 

Your plan will be dependent on certain base factors such as:

  • Your monthly expenses (you will need to create a budget based on your real spending)
  • Your monthly income
  • Your age
  • Your marital status
  • Your tax situation (dependents)

Regarding your inherited annuity, are you the surviving spouse or someone other than the surviving spouse? This impacts your options on how you receive the annuity.

It is never too late to start planning and saving. We offer a free one-hour consultation. Please feel free to reach out to me if you would like to review your situation a little more in depth. I can’t make any promises or guarantees, but with a little more discussion, hopefully we can get you pointed in the right direction.


 

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