Stuff: My sister. I am sure all cases will be different. Costs, finances, where those finances are held, etc.
Possible someone has a better way they can share. My nephew makes all the calls, buts wants nothing to do
with investing her IRAs, which I have done for many years.
Starting cost $7400 a month.
After splitting funds with her husband, she had $79,500 in her checking account. Always checking with my
nephew, I sold her car for $34,500, and moved $54,000 from her checking into a new Ameritrade account just
to hold CDs. Laddered from 3 to 18 months to be used to refuel checking. CDs earning just over $4400 yr.
So $25,000 left in her checking at this point. $88,500 in CDS.
Two IRAs total $704,600. 75% income / 25% growth. Were earning $35,500 end of March, $40,400 now, for
some cushion as nephew is thinking $3000 a month from here. Also, first payment is for six weeks, and I have
built enough cash to pay that from IRAs.
She has a long term care policy for a little while, until she quit paying on it with $13,700 in benefits.
I got to make contact, be on her zoom call with a nurse and do a ream of paperwork. Not accepted yet.
Since shit happens, I am not counting CD income or long term care. Figure that is back up.
$7400 a month cost. -$1881 social security = $5519. -$3000 from IRAs = $2519 from checking a month.
Checking + CDs = $113,000 / $2519 a month = 44 months.
After that it will be up to her IRAs. Lots of variables, but probably 7/8 years.
Sad when a persons life comes down to "the numbers". |
