When I began investing with a small sum 30 years ago, my goal was to grow as much money for retirement as possible. Now that I’ve reached my 60’s, my investment goals have drastically changed.
I have a disabled daughter that will need to be taken care of once her father & I am gone. So I have no intention of touching any of the money that has accrued in my brokerage acct. Instead I need to overhaul my portfolio to focus on my daughter’s future needs. But I am at a loss as to the best way to proceed at this point. I could use help. No idea what asset allocation would be best for this situation.
Here is our financial picture:
Emergency Fund: 6 months of expenses
.
Debt:
Mortgage – Balance $170,594.06 with 27 yrs remaining.
Monthly payment $1,762.18 at 3.75% interest;
Daughter’s student loan balance $4,862.91 at 4.45% - $70 per month payment;
New ac unit = $280 per month for 4 years at 0% interest.
Explanation: We had to refinance our mortgage when my husband lost his job to take out enough money to purchase several years of his out of state service toward his pension. This effectively set us back to the beginning with another 30 year mortgage.
Tax Filing Status: Married Filing Jointly -Tax Rate: 22%
State of Residence: Texas
Age: 62
Taxable Brokerage account is 100% invested in stocks = 33 individual stocks for a total of $237k plus $21,600 cash available to invest.
Roth IRA: has 14 individual stocks & a Mid-Cap ETF = $24k
I didn’t think I should list all of the individual stocks because they would take up so much space here. I find that I am much more nervous about risk now that I’m thinking about my daughter’s future & my current accounts are very risky.
Other Financial Information:
I have been on a disability pension for the past 21 years that currently pays $1,703.43 per month & a long-term disability policy payment of $621.12 per month.
My husband is 66 & lost his job 5 years ago due to a health disability. He currently gets a monthly pension of $3,554.80 & also gets social security of $3,006.00.
His pension will pass to my daughter which will help, but will be at a lowered payment of $2,554.80.
My daughter is 33 years old. She has been working her first part-time job for the past few months at a daycare. We worked with a state agency whose focus is getting employment for people with disabilities. She is unable to drive due to her disability, so will need to pay someone to drive her once we are gone, along with other household help.
I realize at this point that there is no portfolio overhaul that will provide all the money she will realistically need, but it’s all I’ve got. So I feel a sense of urgency to set up a portfolio that can work effectively to provide for her needs for as long as possible.
I welcome input & apologize if this post didn’t conform to the typical portfolio review model.
I have a disabled daughter that will need to be taken care of once her father & I am gone. So I have no intention of touching any of the money that has accrued in my brokerage acct. Instead I need to overhaul my portfolio to focus on my daughter’s future needs. But I am at a loss as to the best way to proceed at this point. I could use help. No idea what asset allocation would be best for this situation.
Here is our financial picture:
Emergency Fund: 6 months of expenses
.
Debt:
Mortgage – Balance $170,594.06 with 27 yrs remaining.
Monthly payment $1,762.18 at 3.75% interest;
Daughter’s student loan balance $4,862.91 at 4.45% - $70 per month payment;
New ac unit = $280 per month for 4 years at 0% interest.
Explanation: We had to refinance our mortgage when my husband lost his job to take out enough money to purchase several years of his out of state service toward his pension. This effectively set us back to the beginning with another 30 year mortgage.
Tax Filing Status: Married Filing Jointly -Tax Rate: 22%
State of Residence: Texas
Age: 62
Taxable Brokerage account is 100% invested in stocks = 33 individual stocks for a total of $237k plus $21,600 cash available to invest.
Roth IRA: has 14 individual stocks & a Mid-Cap ETF = $24k
I didn’t think I should list all of the individual stocks because they would take up so much space here. I find that I am much more nervous about risk now that I’m thinking about my daughter’s future & my current accounts are very risky.
Other Financial Information:
I have been on a disability pension for the past 21 years that currently pays $1,703.43 per month & a long-term disability policy payment of $621.12 per month.
My husband is 66 & lost his job 5 years ago due to a health disability. He currently gets a monthly pension of $3,554.80 & also gets social security of $3,006.00.
His pension will pass to my daughter which will help, but will be at a lowered payment of $2,554.80.
My daughter is 33 years old. She has been working her first part-time job for the past few months at a daycare. We worked with a state agency whose focus is getting employment for people with disabilities. She is unable to drive due to her disability, so will need to pay someone to drive her once we are gone, along with other household help.
I realize at this point that there is no portfolio overhaul that will provide all the money she will realistically need, but it’s all I’ve got. So I feel a sense of urgency to set up a portfolio that can work effectively to provide for her needs for as long as possible.
I welcome input & apologize if this post didn’t conform to the typical portfolio review model.
Statistics: Posted by Royalty — Tue Mar 19, 2024 1:07 am