Hanky, IRA, Larry Cool discussed on The Dave Ramsey Show
So my question is what is the best thing to do is we'd better to roll it over Hanky retirement future? Or would it be better to take the lump sum pay the taxes and? The death that we have the inherited IRA does not have any penalties. But does have taxes as you pull it out? And you have a minimum a required minimum distribution. And it's called an RAM D that you have to begin pulling out a little bit every year, depending on your age. It's an MD calculation that used so you're gonna have some of it out to do that. In your case. What I would do is cash it in and pay the taxes MB outta debt. Okay. And I'm assuming that that would make him smile as long as he knew you weren't going to go back in debt, right, right? Because we wanted to make sure that nobody went to honor him because he was always very good with money. And you know, tried to you know, he formed were. What you could. If you you know, as long as you don't ever go back in debt, and you start living responsibly on a budget from this day forward. Then you've honored his memory with that action. And it's not a bad financial move overall. I mean, it's a good financial move. So it just taxable is all in. So, you know, you're probably not you're probably going net about twenty four little bit more. Maybe but not a lot more after so. So what's your? What's your household income? Right around fifty five each year. Larry cool. Okay. Good. Very good. All right. Well, yeah. That that knocks out a a big obstacle between you and wealth-building. And now the trick from this point forward is to you know, to continue your career growth and continue to live on plan and and don't go into data again. But yeah, that's what I would do..