Hi Guys.
My father just passed away and I'm helping my mom manage her income/taxes/investments. My parents were always savers and lived fairly frugally despite earning a large income, and my father always invested money for retirement, so my mother's retirement will be comfortable.
She'll likely have $48,00 - $55,000 a year in pensions and social security when everything is sorted out. She also has 100k in savings in the bank and a paid-off house, so she has no immediate need of my father's retirement investments, and may never need them, depending on her health or unexpected expenses.
My father left around, $400,000 in five separate 401ks and IRAs (not roth, unfortunately) which I now need to roll over into an account in my mother's name.
She's going to need to start taking disbursements of that money at age 70 & 1/2, which is eight years in the future.
My thought is to simply roll the money into a vanguard targeted retirement account for the year 2023 and let it grow for the time being.
Obviously, when the disbursements start that's going to boost her income and tax brackets substantially. Since my mother may not even need the money, it makes some sense to invest it somehow, but we won't be able to use tax-deferred accounts.
What do you suggest we do with the money when it starts coming out of those 401ks to minimize her tax burden but maximize growth so my brother and I have an inheritance.
Thanks.