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I am close to retiring from my job and I have a retirement account that defers my taxable income now into a retirement account. I have a catch-up provision that allows me to contribute more than the maximum annual contribution for three calendar years.

I couldn't afford to do that on my own, but when I came into the kind of money you mentioned I put it in my savings account, signed up for the maximum deduction from my paycheck to go to my deferred compensation fund, and now use that "savings" to boost my checking account to its normal level. I can reduce or stop my contribution to my deferred account any time I want or need to, but in the meantime, I am increasing my retirement prospects, sheltering my income, and making that money work for me. Dad, you would be proud of me!
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