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Reply to "3 million inheritance. What should this affect things"
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[quote=Anonymous]Max out the 401ks. It reduces your tax liability and is savings for the future. I actually don't understand why you wouldn't be doing that already, unless you needed to shore up your emergency funds. Get recommendations for a portfolio manager (aka "wealth advisor") to handle the investments. Do some thinking about what level of risk you wish to have. In theory you can take up to 4% annually without digging into principle. We feel more comfortable with 2% so that we are still building principle, yet can enjoy some extras between now and retirement. Figure out what you would like those extras to be. Sprucing up your home. A memorable vacation. Private school. Talk to a tax specialist and/or investment advisor about 529 accounts. I don't recall the reasoning, but they are not great idea for everyone. And congrats! You now have 75% of your retirement savings.[/quote]
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