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Old 12-03-2014, 05:57 PM
Drake3287 Drake3287 is offline
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Default Newly retired with money, how do I spend it?

Without sounding like a troll, I'm looking for thoughts or idea's on how to safely spend my money when I've been conservative all these years. I recently retired at age 55 from a government job in California that pays me 100% of my salary of $100,000 a year and includes full medical and dental for myself and wife for life. This also includes a yearly COLA.

For savings, I have about $750,000 which is split up between a work 457 plan ($400,000.), my own stock portfolio ($150,000) and Cash ($200,000.)

Our house here in California is worth around $600,000 and is almost paid off and I have no other real debts other than a car payment and normal monthly living expenses including taking a couple of nice vacations each year. I have also already paid for my 3 kids college education. Wife still works and will probably do so until age 62 unless she has to many bad days at work.

Each month I easily still save $2,000. for no real reason and once our house is paid off I'll have another $1,000. or so. It just seems like I've been saving money all my life and now can't seem to stop. Sounds funny but I find it hard to spend large amounts of money after saving this long.

One thought was buying a vacation home in the mountains but anything worth buying is at least $300,000 on up. Not sure if it's a good financial move or not although I could certainly use the mortgage deduction. And if I did this am I better off using my investment money or cash?

Anyone out there lucky enough to have my problem and have suggestions?
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  #2  
Old 12-26-2014, 04:27 PM
lindaheams lindaheams is offline
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Default Re: Newly retired with money, how do I spend it?

It is unsure also personal financial points might have informed a person connected with just what lay down ahead. Even if it's just the very best experts may really forecast that economic downturn beyond doubt.
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Old 02-12-2015, 12:07 PM
jeffnev jeffnev is offline
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Default Re: Newly retired with money, how do I spend it?

If I was in your position I suppose I'd be traipsing around the world and seeing all the sights I'd only heard about or seen on TV.

What about investments for your families future?
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Old 02-18-2015, 11:04 AM
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Nowisee Nowisee is offline
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Default Re: Newly retired with money, how do I spend it?

Great sound financial advice on this forum
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Old 03-14-2015, 04:31 AM
gerardi gerardi is offline
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Default Re: Newly retired with money, how do I spend it?

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Old 04-28-2015, 05:49 AM
IsaiahChaz IsaiahChaz is offline
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Default Re: Newly retired with money, how do I spend it?

Go for it!
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Old 04-30-2015, 02:41 AM
pooja.majorgainz pooja.majorgainz is offline
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Default Re: Newly retired with money, how do I spend it?

If you really want to spend you money then make 3 parts of it first

1st for future
2nd for emergencies which might be used by you or your kids
3rd for your all plans you have

Enjoy!
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Old 09-12-2020, 06:43 PM
John Tollerman John Tollerman is offline
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Default Re: Newly retired with money, how do I spend it?

The best thing you could do is to invest it into proper thing and my strong suggestion to you will be Forex trading. It is something I feel pretty good with. The best part for me is with broker like FreshForex, as they provide 101% Tradable Deposit Bonus, which not only makes life easier but also beneficial.
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