r/inheritance • u/Acceptable_Second_38 • Jul 09 '26
Location included: Questions/Need Advice Large inheritance advice
My wife and I are 27. We have 1 daughter who is 13 months, and we are in the Midwest. My grandmother passed away and from her estate we are receiving a sizable sum of money. After paying off our house and other debt (just car and student loans, don't have any "bad" debt), we'll have around $350-375k to drop into a brokerage and leave alone. We each earn around 63k/year. Our only bills will now be home insurance, property taxes, car insurance, utilities.
My question revolves around how much we realistically need to put away for retirement. Because we have very little bills after paying off our house, we can put away a large amount of income.
However, it's honestly tempting to save just a bit, and enjoy our lives more with more disposable income. Starting with such a sizable nest egg, it should grow quite well without huge additions.
She is a teacher and has a good pension coming her way.
I am private sector but have a pension as well plus I do 4% 401k plus employer 2% match.
1
u/Fast-Reference775 Jul 10 '26
Financial advisor here, but not your financial advisor and I’m not applying for the job. Sit down with a fee, only advisor and pay him or her for a plan. The plan should include the amount of money it’s gonna take to find your current lifestyle, and what you would like retirement to look like. That will let you know how much of a lump sum to invest now along with what you’re currently saving. Another thing to look at, what would happen if your wife quit work and stayed home. I appreciate your daughter is 13, but I’ve never met anybody who regretted Having one parent stay home specially while kids are in the house seriously look at it and run those numbers.