where to put money for a 81 yr old woman
I now have money in Ally cd’s one is an Ira $90k the other a regular cd $148K. I also have $55k in bank money mkt and a roth acct of $15k in Vanguard that I have to move. $148K I have is up first part in March and cd rates are veryare low as mm are. Can u advise me.
Thank You
Terry Says
That depends on your goals and your lifestyle. I see nothing wrong with leaving it in CDs of no longer than 1 year maturity.
Are you just trying to make your money last your lifetime? Are you trying to make money to leave it to your children, grandchildren or a good cause? Let them do that with what’s left after you’re gone.
I’m more concerned with whether your life is well organized, whether you have a current will — and healthcare power of attorney. Do you have those things? Do you have a trusted friend who can help if you need it? Are you planning to live in the same place, or is this the time to think about moving to a senior residence? All of that might require some money be spent.
I wish I could give you more specific advice, but you really need a financial plan. And most people who do that are trying to sell you something. On my website, cliok on the box that say “find a financial planner.” You will take a questionnaire that will lead you to a fee-only fiduciary financial planner you can trust. It shouldn’t cost a lot — and the first meeting should be free. Please write back after you have done that.
And in the meantime, leave the money in the bank and write to me before you do ANYTHING!
