Steve Hruby and Bob Sponseller
 |  Special to Cincinnati Enquirer

Every week, Allworth Financial’s Steve Hruby, CFP®, and Bob Sponseller, ChFC®, answer your questions. If you, a friend, or someone in your family has a money issue or problem, feel free to send those questions to yourmoney@enquirer.com.

Charlie in Pleasant Ridge: I’m 58 and just inherited a large amount of money. I’m a little overwhelmed. Any advice?

Answer: First off, you have our condolences. Inheritances usually come with a mix of emotions, so it’s no surprise you’re feeling a little overwhelmed. That’s okay. Take a breath. The good news is you have options. The better news? You have time.

The best first move is actually not to make any major moves right away. Let the dust settle emotionally before you start making big financial decisions. This isn’t the time to reinvent your whole financial life in a weekend. So, for now, consider parking the money in a high-yield savings account or money market fund. Let it sit while you get your bearings and start thinking through the next chapter.

And here’s why we say that: A study out of The Ohio State University found that about 30% of folks who receive an inheritance spend or lose it all within just two years. That’s a whole lot of regret waiting to happen.

Once you’re eventually ready, sit down with a fiduciary financial advisor who can help you sketch out a clear, customized plan. They’ll help you figure out the tax angles, your retirement timeline, and how to make this money work for your life – not the other way around.

Because at 58, you’re at a crossroads, where a windfall like this could be a real game-changer. Maybe it lets you breathe a little easier about retirement. Maybe it helps you knock out debt, support family or give generously to causes that matter to you. However you choose to use it, think about what aligns with your values, not just your balance sheet.

Here’s The Allworth Advice: Inheritances don’t come with instructions, but that doesn’t mean you have to fly blind. Take your time, get thoughtful guidance and make sure this gift becomes a source of stability, not stress.

G.T. and R.T. in Florence: We thought we were able to get Roth 401(k) matching at work, but neither of us are. What’s going on?

Answer: You’re not alone in your confusion. The SECURE 2.0 Act, passed in late 2022, indeed allows employers to offer matching contributions to Roth 401(k) accounts. However, the adoption of this provision has been slow. As of early 2025, according to workplace benefit company Mercer, only about 0.1% of companies have implemented this feature, despite 82% of large employers offering Roth 401(k) plans.

Why the delay? Implementing Roth matching contributions requires significant administrative adjustments. Employers must coordinate among payroll providers, trustees and plan recordkeepers to ensure proper tax reporting and compliance. Additionally, a match designated as Roth is counted as an expense to the company and income to the employee, further complicating matters.

The Allworth Advice is that while the SECURE 2.0 Act opens the door for Roth employer matching, practical implementation is still catching up. Until more employers adopt Roth matching, consider in-plan Roth conversions or making after-tax contributions followed by Roth conversions, if your plan allows.

Responses are for informational purposes only and individuals should consider whether any general recommendation in these responses are suitable for their particular circumstances based on investment objectives, financial situation and needs. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing, including a tax advisor and/or attorney. Retirement planning services offered through Allworth Financial a SEC Registered Investment Advisor. Securities offered through AW Securities, a Registered Broker/Dealer, member FINRA/SIPC. Visit allworthfinancial.com or call (513) 469-7500.