Inherited mothers Profit Sharing / 401K, now what?

[disneysteve]

It depends on what it is invested in as to whether or not it will continue to grow.

True. I should have said that as well. If it is well invested in something that performs well over time, it will grow.

[BrianTheMute]

I don't have any debt, and have perfect credit, as far as I know.

[Petunia 100]

I appreciate all the advise, but I have no intentions on blowing through all the money. I want to take out 5K and save the rest. The remaining 8K will still continue to grow, won't it?

I'm so sorry you lost your mother.

Your inherited IRA will grow for you over time if you have invested it well. How have you chosen to invest it? I assume Fidelity will calculate required minimum distributions (RMD) for you? The penalty for failing to take the RMD is 50% of the amount you should have taken. Never fail to take your RMD.

While 8k is a nice start, it is not enough to secure your financial future. It is not too soon to begin planning, saving, and investing for your future.

[snafu]

Brian, sadly your mom passed away and you've had a bad year. I have the impression that you are about to take actions that will add to those bad results. Did you pay cash for the trip deposit or charge it? You have planned a vacation you can't afford and are bent on making it worse by staying in unaffordable accommodations. Do you think your mom would have been thrilled with these decisions? Why not splurge the very last night but stay somewhere more affordable the earlier days?

I puzzle that you fret over a short term paper reduction of $ 118. but stubbornly plan to blow $ 5,000. on entertainment... Your visit to Disneyland sounds like an attempt to revisit your childhood but the fact is you're an adult. I'm disappointed that you will not consider any of the well thought out suggestions made by people whose only motivation was to help.

[bjl584]

I don't have any debt, and have perfect credit, as far as I know.

Something isn't adding up for me. Someone with zero debt and perfect credit should, at least I think, have enough cash on hand already to pay for a vacation without taking it out of an inheritence. Is anyone else thinking this or am I alone on this?

Do you need to use the inheritence money for your trip? It would make a lot more financial sense to use your own money if you have it.

[BrianTheMute]

I really just came here for advise on the logistics. How withdraws are handled, how long they take, what fees are associated, etc.

I appreciate the concern, but this vacation is something that is really important to me. I'd never be able to afford it on my own, and I'm doing this as a gift to me and my fiance. And I did manage to get the best possible rate on the Disney trip I wanted, 30% off the best resort on property.

[disneysteve]

I'd never be able to afford it on my own

I guess that really sums it up.

[bjl584]

I really just came here for advise on the logistics. How withdraws are handled, how long they take, what fees are associated, etc.

I appreciate the concern, but this vacation is something that is really important to me. I'd never be able to afford it on my own, and I'm doing this as a gift to me and my fiance. And I did manage to get the best possible rate on the Disney trip I wanted, 30% off the best resort on property.

Logistically speaking, it's a bad idea. Your $5000 vacation will actually cost you $7500 because of the tax consequences of withdrawing the money from your Mom's account. You said that you are debt free, so save up the money for your trip and pay for it out of pocket. Disney World isn't going anywhere. It will be there when you are financially ready to go.

[BrianTheMute]

I will never be financially ready for this trip, not the trip I want. Also, the dates I'm going are during an off-peak season with an added 30% discount. The smartest time to go, financially. And lastly, the Snow White ride is closing mid-february, a ride that has been there since the park opened. So, this is when I have to go.

[bjl584]

I will never be financially ready for this trip, not the trip I want. Also, the dates I'm going are during an off-peak season with an added 30% discount. The smartest time to go, financially. And lastly, the Snow White ride is closing mid-february, a ride that has been there since the park opened. So, this is when I have to go.

There is an off peak season at Disney World every year. The Snow White ride is also open during the same time period every year. I'm not sure why you think that you will never be financially ready to take this trip. If you can save up over the next two years, then you can hit up the Snow White ride during the off season in 2013.

[BrianTheMute]

The Snow White ride is closing permanently.

[disneysteve]

Logistically speaking, it's a bad idea. Your $5000 vacation will actually cost you $7500 because of the tax consequences of withdrawing the money from your Mom's account. You said that you are debt free, so save up the money for your trip and pay for it out of pocket. Disney World isn't going anywhere. It will be there when you are financially ready to go.

Brian, OP clearly isn't looking for the reasonable thing to do. I think we all agree on that. Heck, even he agrees that he's taking a trip he can't afford.

I hope you have a good time and turn over a new leaf when you get home and never again spend money you don't have for something you don't need.

[bjl584]

The Snow White ride is closing permanently.

If riding the Snow White ride is worth $7500, then go for it. Have fun in Disney World, and good luck to you.

[BrianTheMute]

This money was a gift, and with it, I can afford the trip I've always wanted. There isn't anything else I'd rather spend the money on.

[disneysteve]

I will never be financially ready for this trip

Why not? Why do you think you could never afford a $5,000 vacation? I'm guessing you are relatively young. You are debt-free which is fantastic. Why couldn't you save up for a nice vacation in the future?

I get the Snow White thing. Yes, it is closing to be replaced by the new mine ride in the Fantasyland expansion. But that's not a justification for spending $5,000. I could do a very nice week-long Disney trip for 2 for under $2,000 easily.