On 4/19/2021 4:49 PM, Ralph Mowery wrote:
In article , says...

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...




I intend to spend for me and the wife. I just hate to take out money
from the IRA because of the taxes,but do take out some so I do not hit
the higher tax brackets.


For some the financial advisor is fine, but not for me. Reading much of
the financial advice on the internet is about opposit of what I want.
They want you to work to you drop (70) so your SS will be the max. I
stopped at 62 when SS took effect. I would have quit 2 years sooner,
but the company changed owners and screwed me out of over $ 1000 a month
and they were going to pay for 80 % of the medical insurnce that I had
to come up with all of that.

The wills and power of attourny is up to date for the wife and I.

I have most of the IRA in some mutual funds and am playing with a little
less than 10 % of that in the stock market myself just for fun. When I
get a fair ammount of profit in that 'play' stock, I take it out to buy
something I would like to have, but no real need for . Like the new
lawn tractor . The one I had was about 5 years old, but I just wanted a
bigger and better one.

For the nursing home, if you do not have any money , you get a free
stay. If you do have some money, you won't have it long. Have you ever
priced the stay in the nursing homes ? It may run a couple of thousand
or more a month. Probably more as it has been about 15 years when I was
looking a the homes for my dad. As he was a prisoner of war in WW2 I
put him in the local VA hospital. We were lucky enough to have a very
nice one in the town we live in.His body was so,so, but his mind was
really bad.



Look up state charges. They are staggering. Guy across the street was
paying $14,000/month for his mother. If you go in poor you will share a
room and a medicade room has to be available. Assisted living is just
as expensive. This is the US but I believe in the UK you get the same
facility whether or not you can afford it so people there spend all
their money.