On Sun, 18 Apr 2021 16:29:51 -0400, Ralph Mowery posted for all of us to
digest...


In article ,
says...
*Starting next year I will have to take the RMD and it will be more than
I want to spend.* Not too sure what to do with the excess money.

Pay tax on it * I set it up so money is automatically withheld.



Even though the article is from 2016, the options are still valid:

https://www.marke****ch.com/story/wh...ses-2016-11-02





While valid, they don't help me.

1. Invest--I may invest some in stocks but that still just gives me more
money with nothing I really want to do with it. The needs and wants of
me and the wife are not much.

2. Invest QLAC Have to live to 80 or 80 years old, I may not make it
that long.

3. Life Insurance I would have to die and that would not do me any
good. I don't have any on me or my wife. Waste of money for us at this
point in life being over 70 years old and the ammount of money we have.
Nursing home will probably get it anyway later in time.

4. Charity Again that is just giving the money away and will not help
me.

5 college fund of 529. Still will not help me, but do have one grandson
that may or may not go to college in about 10 years.

I will probably just spend it on things that I may want,but never
thought about buying or needing. Like just went through over $ 30.000
to build a carport garage and new larger lawn tractor to put in it. May
have the master bed room remodeled next year. Seems that about every 2
years the wife wanted another room redone or painted or new flooring.

That is what you worked for. Spend it for yourself and wife. Have fun. That is
why I recommend a financial advisor. They will look at what your objectives are
and help you keep enough for the nursing home. Won't have to play with the
taxes because they are on it along with their tax people. If you want to give
money to charity do it in your will. Make sure you have your Living will and
Last Will up to date. If you want to play the stock market let them know and
set up an amount you, your wife and the advisor recommends. Make a long term
game out of it, fun...

--
Tekkie