Investing family inheritance funds
I recently sold my family home and have $100K of family inheritance funds to invest. Not sure what I should do with these funds.
I’m 55 yrs old. I still owe Mortgage of $70K on my condo. Interest rate 3.75% on mortgage. No credit card or other debt.
Ideas on where to invest $100K of family inheritance funds? Should I pay off my mortgage?
Thoughts?
Terry Says
This is truly a windfall, and it should be invested in context of your overall financial plan for retirement. Keep that low-rate mortgage, for sure. Great that you have no other debt, but do you have an IRA, a pension coming, along with Social Security?
Are you alone, or do you have a spouse and/or children to worry about?
Have you purchased long term care insurance — especially if you are alone?
You need someone to look at your entire financial picture to see what’s left undone — before deciding how to invest this money.
Please read this link on my website about Wealthramp — a “matching service” for fee-only Fiduciary financial advisors you can trust. I’d suggest getting matched and setting up at least one appointment. In the meantime, you can leave it in a bank mm fund –an incentive to get started on a plan because rates there are so low!
