Stock investment for a windfall?
Hi Terry, love your website. Currently retired, married, no debt whatsoever. Both of us drawing nice pensions, but no social security as of yet , waiting till full retirement age. $500,000 all in chicken money , t- bills , cds, two 403b plans locked in at 3%. Came into a windfall of $50,000, think of this as gambling money. Since I have no exposure to stocks, I was considering Fidelity S&P fund FXAIX. Or would you go with a balanced fund, FBALX. Thoughts?
Thank you
Terry Says
Congratulations for being well set up for retirement. Instead of gambling with this money, have you considered the possible need for long term care insurance? Read the top column on my website this week! You can make a deposit into a combo policy that offers a death benefit if you don’t use the care. And it can cover both of you!
Of course, if you have any credit card debt at double-digits, use your windfall to pay that down. And maybe consider a session with a fee-only financial advisor who is a FIDUCIARY, not a salesperson. Find one you can trust at www.Wealthramp.com.
And if you still want to invest, I’d go with the balanced fund!
