Ask Terry Questions Investments for home sale proceeds

Investments for home sale proceeds

By Terry Savage on May 18, 2015 | Chicken Money

I am 72 yrs. old and have about $375,000 from the recent sale of my house in a savings account. I have an IRA with Fidelity with moderate risk, 44.5% in Domestic stock, 27.35% in bonds, etc. What would you suggest I do with the money from the sale of my house. Thank you for any advice you can give me.

Terry Says:   I suggest you put it an a bank CD  or money market account, where you will earn very little — but you won’t lose a penny!  You don’t say how much money you have in your IRA, but I’m assuming that it’s not millions.

Depending on the rest of your financial situation, you might want to buy a long-term care insurance policy, so  that if care is needed, and you are alone, you can use their services to get situated in a good place for assisted living.  (I don’t know enough about your personal situation to make other recommendations-=and I’m betting you don’t even want to think about that possibility of needing care — but if you don’t have children nearby to take on the responsibility, it’s certainly something to consider.)



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