🔺 r/personalfinanceuSalty__Salter·42 days ago
What to do with inheritance to potentially retire early?
A family member recently passed away and we are being left with a decently sized inheritance. I'm 39 and my wife is 38. A Roth IRA with about $300,000. A house currently worth about $170,000 which we are planning on selling. A vehicle worth around $20,000 which we are also selling. We're planning on having an estate sale for the rest of the belongings which will probably bring us another $20,000. For an estimated total of $510,000. We live in Texas and so far from my research it looks like we won't be taxed on nearly any of the inheritance. Our planned expenses: We're giving away $60,000 to other family members. We're putting $50,000 into an existing college savings 529 plan. We're using about $50,000 to settle our debts, this will pay off our house, medical debt and all other debts. Probably another $50,000 going into our current home, replacing the shed and some remodeling. That will leave us with about $300,000 to invest. We also have a 401k with about 250,000 in it which we aren't planning on touching but it will factor into when we can retire. And with all of our debts paid we can put around $1,800 per month into investments. TLDR: Debts paid and I have $300,000 to invest with…