Retirement — Terry says: relax and enjoy at age 79!
My husbands retiring at 79 on 12/31/21. We received an amount of approximately 446,000 from my husbands mothers estate over 202/2021. What should we do? Pay off our house first? We owe 169,000. We will
Be living on his SSI of 3,400 and mine of 1,300 per month. I’d like your advice as to what to do with the money we have in the bank? Thank you!
Terry Says
First, welcome to your first week of retirement! Enjoy. Yes, I would definitely pay off your home — IF you’re planning to stay there for a while. If not, this might be the time to consider a long vacation in a warm climate, while you decide where you really want to live in retirement. But getting out from under mortgage debt is the very first step.
Then wait six months, and leave the balance of the money in the bank. Big changes — like retirement — are not the time to make immediate decisions. Please write back in a few months, after you have reconsidered your retirement living situation (after both being in the house together all winter!!) and then I will be happy to point you in the right direction re your cash.
Don’t be tempted to make a big decision about it right now. It will be safe inthe bank, even though it will earn practically nothing while you make these plans!
And, again, congratulations! REtiring at 79 means you earned the right to enjoy these next years AND that you will have the money to do so!
