Single, solo, poor, woman gets $500k pre-tax, how to make the most of it?

InheritedIRA
2026-04-24T21:34:39Z

Hello all, long time listener, first time poster. First time poster because this is a throwaway account as it will have more personal info included than I'd like linked to my main account. The point of this post is to request guidance/advice/ideas from the always incredible, intelligent, and helpful people of Tildes.

The high level points:

1. I am a female 40 year old, for lack of a better phrase, starving artist living in the US. I am single, live alone with my cat in an apartment, and have no debt.

2. I have not held a steady/normal job in over a decade (mental health being a primary reason), my personal income has come from a couple of very small business ventures where I make things by hand, some freelance graphic design, the generosity of friends, and pet sitting. The latter is dead in the water as all my pets were in another state and I just moved in the last 30 days to a place that is much smaller and simply will not have the customer base to do the same, nor am I all that interested in pursuing it here.

3. My primary method of financial support over the last decade was being the homemaker to my now-ex husband up until about two years ago when he informed me he no longer wished to be my husband. Since then my primary financial support was from my now-deceased father, who generously provided me with $2,500 per month to subsist on, with my previously mentioned ventures closing the finances gap as much as possible.

4. Over the decade of being in a single income household and for the last two years subsisting off a "guaranteed" income of $30,000 per year I managed to learn to be extremely frugal wherever possible so as to not spend above my means and keep a roof over my head. I eat once per day, my overall health isn't great but I am attempting to address that, and thus far my "retail therapy" budget to give me a little boost of dopamine has been $50 per month that is generally spent in thrift stores. I wouldn't call it living so much as I'd call it surviving and am often unsure why I bother.

The issue/question at hand:
My father has passed away and with him my primary/only means of support, with his passing I have inherited just over $500,000 in a Traditional IRA. So my primary question is how to minimize tax burden and maximize return on his investments to make them last as long as possible while I figure out the next stage of my life.

I am not opposed to getting a normal/steady job, but this is more difficult to obtain than one would imagine with a decade long gap in employment and an unwillingness to sacrifice the mental health gains I have made and gestures broadly everything else that is going on. There is also the bit of freedom that this amount of money provides that will perhaps allow me to double down on my small business ventures, investing in them/myself at a level that I was unable to do prior and therefore enabling them to become a primary source of support. So there is a thought of setting a budget, both monetary and time, to allow myself to try to grow my businesses first.

TLDR: Single, solo, poor, woman gets $500k pre-tax, how to make the most of it?

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