Selling my home, the money?
I’m selling my home
What should I do with the money.
I will get about $130,500 for the house.
I’m 82 years old.
Been living very comfortably with social security, over 70 withdrawel and dividends from stocks.
I will need $800 per month for rent.
How/Where is best to invest the money?
Terry Says
Please, please listen to me and ONLY put half in a one-year CD at your bank, and the rest in a money market fund at the bank. Don’t let them talk you into anything else!!
Then, you need to make some plans. Do you have a will? Do you have a revocable living trust, even better, naming a successor trustee in case you cannot act for yourself? So if you are incapacitated your heirs don’t have to go to court to pay your bills!
Have you considered who should get the remaining money when you die–if there is any left?! Of course, you named a beneficiary for your IRA — but you need to make plans for THIS money. And you need to name a person to have your healthcare power of attorney! Just in case — I’m superstitious!!
So, if you haven’t done any of that, please write back and I’ll contact you personally and try to point you in the right direction.
