Clearing my pension battle field/Carlos Pueblo

 Clearing my pension battle field/Carlos Pueblo

My pension savings are in the stock market. Recently my daughter Michelle asks me how much that I can loan her to build a new house on one of her old house in Austin, Texas; therefore, I must check on what I have had after the torturing crash of the market in 2022. I need to know what I have left in my accounts like clearing my pension battle field. I do have some cash after I have sold my long holding energy stock yet I can not loan it to her because my my share holder IRS will not allow it without me to file my income tax. I don't like to pay un-necessary tax of this kind. I can only thank her to get some interest of that cash.

Quickly, I find that how much we can loan her for the time being both Amy and I. We don't think that it is wise investment to tear down an income property to build a luxury home at the downtown area of Austin yet she is a smart and successful young professional lady that I can no longer say very much to her. Either I don't loan her the fund or loan her. Ya esta.

I have saved money when I work always. In 2001, when Michelle and Arthur were ready to go to colleges, I was out of work. I sold two rental property to get some funds at hand. I also withdrew my IRA to put into their Uniform Gifts to Minor Act accounts in case their education fee required. It was that the stock  market was very depressed at the time; therefore, it was not wise to liquid their UGTMA accounts to fund their college education. Once I took the early withdraw of my IRA, I had to continue to withdraw it until age 59 1/2 under a formula called the sum of digit method. IRS likes you to pay the income tax on the withdraw and I don't mind because my income is minimum. I converted the rest required withdraw years funds to my Roth IRA and paid my income tax on it. That is why I have some Roth IRA now. After graduated and worked for one year, Michelle prepared to go to the law school and moved her UGTMA fund to Arthur in order to apply the government loan. Later she changed her mind and asked me about that money. Lucky me, there was one UGTMA account with another company that I forgot to transfer at that time and grew to a considerable size and I give up my custodian and returned it to her for her wedding costs.

I am aware of my paper lost of 2022 yet I know that the stock market will eventually be back to normal. I clear my pension battle field and am still sitting very tight on all my investment. I believe Biden, his administration and the Federal Reserve are all on my side to see the soft landing of the economy. The market is coming back.