Inheritance, what to do with it
I am on disability and my husband is on social security. My Aunt left us 75,000. Should I put it in my roth account , my capital one savings, or what.
Terry Says
OK, let me clarify something. Are you on SSDI? If so, there’s no asset limit. BUT, if you are on SSI (supplemental security income) then you will lose that benefit if you have more than $2,000 in assets!
How wonderful that you received this gift. Here’s what you should do with it:
Deposit the money in a bank in a money market deposit account. It should pay interest of at least 3.5%. Go to a major bank.
First, pay down any credit card bills outstanding. That doesn’t include your mortgage!
Then, leave the money there, earning a bit of interest as a safety cushion.
If you are still working, you can take some of that money, depending on your age, and open a Roth IRA account at the bank (or at Fidelity or Vanguard). Again, consider the risks.
Don’t tell anyone in your family. They will come running with their hands out! Just enjoy the peaceful feeling of having a bit of financial security with money in the bank and no consumer debt!
