“I inherited money in the form of an IRA, should I cash out now or keep it invested?”

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Entrepreneurship, Business

4.8 • 1.3K Ratings

🗓️ 16 May 2025

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this special AMA Mailbag episode, Jean dives into your most pressing retirement questions with listeners Pam and Laurie. First up, Pam, who inherited an IRA from her late mother, wonders whether to cash it out or invest it for the long haul. Then we hear from Laurie, a military spouse navigating what to do with her husband's TSP now that he’s out of the service. Should they roll it over? Keep it where it is? And what’s the best way for a newly self-employed woman to start saving for retirement on her own terms? 💡 Topics Covered: How to make the most of an inherited IRA The emotional power of planning small financial “gifts” from loved ones Smart investment choices for idle HSA funds What to know before moving a TSP into a rollover IRA Retirement saving strategies for freelancers and the self-employed … Does more financial confidence sound good to you, then you might want to try: 🚀 FinanceFixx – HerMoney’s 4 or 8-week Money Makeover financial coaching program that will help you get your finances on track! 📈 InvestingFixx – HerMoney’s investing club for women who are ready to learn market lingo, and grow their wealth. Your first month with us is completely free! Have a question for us? Write to us (or send us a voice note!) at [email protected]. While you’re at it, join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:33.3	Any money that you spend out of pocket on health care can be used when you decide to pull the money out of this account to write off against those expenditures so that 10 years from now you decide that you're going to start pulling the money out.
0:51.9	And over that time, you've spent $100,000 on
0:54.9	medical expenses. That's $100,000 that can come out that you can use for anything.
1:05.1	Hey everyone, I'm Gene Chatsky. Thanks so much for joining me today on Her Money. Today's
1:10.2	episode is a special one. It's another live
1:12.8	mailbag. I love these because I get to talk to you directly to hear your stories. And we get to
1:19.2	work through your most pressing money questions together. This time we are zeroing in on two
1:26.0	thoughtful questions about where you should park your retirement
1:30.5	funds. I get these a lot because with so many options out there, it can feel, well, overwhelming
1:37.5	to make the best choices for your future self. First up, we've got Pam. Pam recently lost her mom and inherited a small IRA.
1:47.0	She's wondering if she should just cash out and pay the taxes or invest it and let it grow.
1:52.3	She's also got health savings account money just sitting in a money market account, so we're
1:57.4	going to work on fixing that. And then Lori's on the line. She's asking what to do
2:01.8	with her thrift savings plan now that her husband is retired from the military. If there's no
2:08.2	reason for her to have to stay in the TSP, is it wise for her to move it? Plus, she's recently
2:14.4	self-employed. So we talk about how much she should be
2:17.9	sacking away for retirement when no employer is matching those funds for her.
2:23.6	Before we get into it, if you've got any questions about your money, talk to me.
2:28.3	Let's jump on the phone. Reach out to me at mailbag at hermoney.com. We'll set up a Zoom and we'll get it going. Here's my conversation
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