Hello all, with the passing of my father recently, I stand to inherit a considerable sum, about $300K, and as I plan/hope to retire soon, open to thoughts on what to do with it (and in general...). My general situation:
- 62
- Total of about $700K in combined 401K, IRAs
- Pension of about $1000/mo currently in play
- Now the bad part: no house...currently renting (I know...long story)
- No spouse/kids
- Targeting 65 to retire
Realistically I'm not going to have a house paid off ever, but don't think I need to...but I was thinking put a big down payment on one at some point so I have a manageable mortgage and still getting a tax break and at some point could use a reverse mortgage as needed (or even if not needed as I get up there).
Also wondering what to do with the inheritance. Offhand thinking of investing in bond mutual funds as a relatively safe but steady investment, esp as my current portfolio is very stock heavy.
- 62
- Total of about $700K in combined 401K, IRAs
- Pension of about $1000/mo currently in play
- Now the bad part: no house...currently renting (I know...long story)
- No spouse/kids
- Targeting 65 to retire
Realistically I'm not going to have a house paid off ever, but don't think I need to...but I was thinking put a big down payment on one at some point so I have a manageable mortgage and still getting a tax break and at some point could use a reverse mortgage as needed (or even if not needed as I get up there).
Also wondering what to do with the inheritance. Offhand thinking of investing in bond mutual funds as a relatively safe but steady investment, esp as my current portfolio is very stock heavy.
Statistics: Posted by gunny2 — Sun Feb 25, 2024 11:41 pm — Replies 3 — Views 331