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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75642  
Subject: Re: Retirement money advice Date: 12/16/2004 6:13 PM
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stardustangel: "My boyfriend's father, age 77 years old is retired.

I recently learned that his father was not managing his retirement accounts well at all.

Specifically, 90% of his nest egg is in stocks."


While a bit high, that is not necessarily a problem if is other income is adequate for his needs.

"He has not taken a single mandatory distribution from his IRA or 401k."

If he has 5+ RMD that were not taken, he will owe a bunch in taxes and penalties. I do not recall if any of the tax gurus post on this board regularly. You might look at the FAQ on the Tax Board or check out www.fairmark.com

"He receives SS and a pension which I believe pay most of his expenses including a mortgage. He has no tax liability as his mortgage interest deduction wipes out his AGI."

It must be a huge mortgage and/or at a very high interest rate, plus what does he use for other spendign money if his SS and pension all pay mortgage interest?

"Or potentially purchase an annuity for income purposes."

That would be about my last choice.

Regards, JAFO


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