Ramsey Everyday Millionaires Am I Burning Through My IRA Too Fast?
Apr 23, 2025
A caller shares her challenges after receiving a $1.2 million IRA from a divorce, raising concerns about spending and taxes. The discussion emphasizes the importance of finding a financial advisor who educates rather than just guides. Strategies for managing IRA funds under health-related work limitations are explored. The conversation also highlights the necessity of a balanced financial plan that secures future retirement while allowing for current enjoyment.
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Amy's IRA & Bucket List Story
- Amy received a $1.2 million IRA in a divorce and now lives in New York City while checking off her bucket list.
- Despite health and work issues, she has lived fully before considering her burn rate and finances seriously.
Consider Lower Cost Living
- Moving from an expensive city like New York to a lower-cost area can drastically reduce living expenses and extend your money.
- Consider living near loved ones and visiting expensive cities instead of residing there to manage your burn rate.
Use Ramsey's SmartVestor Advisors
- Use vetted SmartVestor Pros at Ramsey Solutions to find advisors who teach and help manage your finances.
- Prioritize finding someone who listens, understands your lifestyle goals, and guides you responsibly.