Retirement planning
I turn 65 this year. Widowed 10 years ago. Still working full time. Own a house with a mortgage of 70k, and an equity loan of 67k. Only about 60k in my 401k. I am getting 80k in inheritance later this year. I need a plan to be able to retire someday. Not sure where to start! Help! Thank You
Terry Says
Good for you for managing well over the past ten years, presumably unexpectedly alone. Now it’s time to look ahead.
My first piece of advice is to work as long as you can. That will keep money coming in. But now it’s time to start planning not only how to invest that inheritance, but your lifestyle after retirement. I don’t know the value of your home, but it appears you may have been living off your home’s equity. If you sold the house, how much money would you have? And if you don’t sell the house but eventually retire, can you keep paying on those loans?
That is the big question in front of you– and it’s time to start thinking about the answer, while we still have a good housing market. As an alternative, is there a senior living community that might be less expensive, or would you consider moving out of state to a retirement destination? It’s not too early to start making those plans.
You need a financial planner to help you crunch the numbers — not a salesman trying to sell you some financial products. Please go to www.Wealthramp.com where you will be matched with a carefully vetted, FIDUCIARY (your interests first) FEE-ONLY financial planner. (the text highlighted will take you to my website where I explain the process.) It is the ONLY place where I feel confident to send people for this kind of advice.