I have over 100,000 coming in from a real estate sale. I want to put it to good use. I don't have credit card expenses and I don't have a mortgage. I am retired and have reserved at leasst 4 months in savings. What should I do with the money I'm getting? I am 77 years old in good healh. Should I put it in CD's (which pay very little), put it in my vault or invest in the market...if so where in the market.
I am at a loss, but I have to make a decision within the next few weeks.
Thanks for your help.
Money Dilemmas: Save or Invest?
Advertisement
Most Popular
- 10 Fabulous Freebies
- Get Your Share of Government Giveaways
- 11 Ways to Find Extra Money NOW!
- Save Money on Cable and Cell Bills
- 10 Insider Tips to Save Big at the Supermarket
- 11 Places to Find FREE Money!
- 12 Ways to Save Money on Life's Necessities
- 7 Steps to Boost Your Credit Score
- Energy Saving Tips For the Kitchen
- Biggest Investing Lies You're Being Told
Survey Says:
Advertisement
If you're lucky enough to end up with extra money at the end of the month, you may be wondering what to do with it. This is a question we're asked a lot, which is why I (Daria here) put together a video to help you explore your options and make the best choice for your finances.
Member
- member since: 10/06/2009
- rank: 179 of 342
-
location:
west palm beach, United States
- 3 comments
October 6, 2009 2:25 PM
October 10, 2009 11:24 AM
Since you are over 71 1/2 you cannot make use of the IRA's. CD rates are creeping up. See 'Met Life' as an example. Make an investment each month. That way they will come due every month after the first year. That gives you access. I would keep at least 8 months in a local bank. At your age you never know when being healthy today, does not mean healthy tomorrow. Keep away from brokers.
Member
- member since: 10/06/2009
- rank: 179 of 342
-
location:
west palm beach, United States
- 3 comments
October 10, 2009 1:26 PM
Thank you for your response. I will look into Met Life and also ING, I have a savings account with them. With regard to my health. I totally agree with you, one never knows. Which brings me to my next dilema. I presently have Medicare A&B. My doctor's visits are once a year for a ful check up and a quaterly visit to monitor my meds which might affect my liver. My question is, should I get additional medical coverage to cover the 20% I am presntly paying...or not. My concern is that should I become ill and require extensive care the 20% which I now feel comfortable paying will amount to who knows.
If the answer is yes...I should get additonal medical coverage...
can you recommend a company such as AARP, Blue Cross/Blue Shield etc.
Another concern that I have is that I discontinued paying for an a life insurance policy which I purchased for my daughter (I only have one) who does not need money...neither do my grandchildren (4). It has been difficult for me to keep up with the payments. I recently recived a letter from Purdential that I have a few months to re-apply and continue my coverage. I heard that there are companies that purchase insurance and inherit the proceeds when the person dies? Do you know who they are? The amount is only $100,000. I don't know if that is a factor.
Thanks
October 10, 2009 2:15 PM
Chris
I'm not an insurance person so I can't answer that question. I had a similar problem and since no one needed the proceeds I decided that I didn't need to cover my life.
I've always dealt with AARP. They seem to know what is happening. I know I have seen their ads for that 20% window. Give them a call. I assume you are a member.
I guess you have all the information I have on getting old.
Harry
Member
- member since: 10/06/2009
- rank: 179 of 342
-
location:
west palm beach, United States
- 3 comments
October 10, 2009 2:24 PM
Thanks for that quick reply. I was a AARP member, but recently decided to cancel. I assume you are saying that I should get additional medical coverage and pay the monthly fee rather than taking a chance down the road with heavy medical cost.
Yes, it's not easy getting old...my problem is that I don't feel a day over 39 and sometimes act as one...unitl I look in the mirror...and ask..."Who Is That? LOL
Thanks again.
October 11, 2009 11:06 AM
Chris
Don't feel bad. I always feel about 40. It's when the wife asks me to turn the mattress' that I know how old I am (72). I'm slowly taking down the mirrors.
Getting back to medical expenses. Ten years ago, if I didn't have insurance it would have cost me 52,000. I wasn't earning that kind of money. So all it cost was a co pay.
Harry
Better you never have to use it. It is money well spent
RSS
