Life insurance payout 100,000 dollars
I would like to know what to do with a life insurance policy that will be paid to me $100,000 because my husband passed away we already have an ira worth 745,000 I just don’t know what the right thing to do with 100,000.00
Terry Says
Well, I’m glad you asked me — instead of someone who might give you self-serving advice.
You should deposit that money in a money market deposit account at your bank — something paying at least 3%, and allowing you access to the money if you need it. If your local bank doesn’t offer at least that much, check here at Bankrate.com for a bank that does offer this kind of rate on a FDIC-insured Money Market account.
And now let me give you some advice you didn’t ask for. You’re alone now — and vulnerable. You’ll need to make your own “estate plan” — a will or trust. Please watch this video, explaining: https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
And you may need some trusted advice regarding your future income/spending plans, deciding whther to keep your home or move, etc. Nothing needs to be done immediately — but you should be talking with someone who has your best interests in mind.
Watch the video at this link: https://www.terrysavage.com/pam-krueger-wealthramp/
Feel free to write back if you have further questions.
