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    frmrphotog's Avatar
    frmrphotog Posts: 12, Reputation: 1
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    #1

    Mar 15, 2010, 11:33 AM
    Thie is a financial question
    I expect to retire Spring of 2011 when I turn 66, but spring of this year (at 65) I will begin to draw a Teamsters pension of about $1300.00 monthly. Where shall I put that money for the next several months to lessen my tax burden for next year. Any suggestions would be welcome.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 15, 2010, 12:09 PM

    Do you think you'll need the money in the next year, once you retire? If so, then I suggest you just park it in either cash or a short-term bond fund. If you can let it sit for a few years, you might want to think about funding an IRA - you can invest up to $6K this year - $12K if you fund an IRA for your wife. If you invest in a traditional IRA the amount you invest is deducted from your income for tax purposes, so you effectively pay no tax on your contribution.
    frmrphotog's Avatar
    frmrphotog Posts: 12, Reputation: 1
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    #3

    Mar 15, 2010, 12:14 PM

    Thank you for the info. As I begin to collect these funds May of this year (2010), I won't actually need to live on these funds until May of next year (2011) when I retire fully
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