inheritance
Terry. Im 72 yrs old, my wife and I live on SS (3K a month) , I have an IRA worth 125K that I withdrawl $1200/ mo. to cover all our monthly expenses. Owe 55K on our home, mortgage is $750/mo. recently got a inheritance of 100K. should I pay off the house? what should I do with the money? Thank you Terry.
Terry Says
That depends on the interest rate on your mortgage company if it is below 5%, then put the money into an FDIC-insured bank CD. If mortgage rate is higher, pay off the balance and put the rest in a bank CD. You should earn at least 4% on a 6-month CD.
