Well, this stuff is officially BRUTAL. Just when I think I’m piecing together a plan, I get discouraged. I’ve spent many hours the past few days researching and calling different banks regarding my deferred-comp situation. I really like the idea of NOT putting all of my eggs into one basket so I was considering putting some of the funds into some type of US Treasury bond(s) and then rolling the rest into a FDIC or NCUA insured IRA CD. I have an existing account with a credit union that is offering the same APR for a 3yr CD that they are offering for a 5yr jumbo CD. I notice a lot of banks doing similar promotions so that folks will still buy the CDs with the option to re-evaluate the economy in 3 years instead of 5. This go me thinking that this could be the ideal short term option for me because it would allow me to put all of my eggs into one well insured basket for 3 years, without paying any tax penalties, and still making a little interest. Well, then I call another bank and ask about their different IRA funds and when I mentioned that this money will eventually be an inheritance he said “there are much more efficient ways of handling this”. Of course he did not elaborate! So was he just trying to reel me in for their “financial planning services” or am I just WAY off?!?!?!
I know this is complicated, however I figure if anyone else has an even remotely similar situation now or in the future then perhaps someone on the boards here can save us all some serious cash, intimidation, and confusion.
I feel like I’m getting close to at least having some tangible options on my plate to choose from.