/ Ask Terry Questions / Where to place proceeds for sale of a home , under 100k for someone retiring and relocating in the next 3-4 years

Where to place proceeds for sale of a home , under 100k for someone retiring and relocating in the next 3-4 years

By Terry Savage on July 30, 2020 | Chicken Money

Hi Terry,
I am 63 years old and recently sold my home, profit under 100k. I am renting for a couple of years, because I must live within the city limits for my job. At this point, I do not want to buy a home in the city. I plan on relocating out of state once I retire. I have no idea what to do , CD’s , credit union account…. Please advise where I should invest or place the profits until I decide to buy a property in the next 3-4 years. Thank you for your advice , I appreciate your time.

Terry Says

This is truly CHICKEN MONEY — money you cannot afford to lose. You MUST put it in a money market deposit account or CD at the bank. Any bank. CE should be maximum one year maturity.
I know you will be earning minimal interest, but that’s not the point. You won’t lose ANY money!
PS Good move not to buy in the city now. Property taxes are going nowhere but up. And I’m betting that by the time you retire Il residents will pay state income taxes on thei retirement benefits — currently un-taxed.

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