How to invest proceeds from house sale

D

dmscotlass

New Member
My husband just turned 70 and is working 30 hours, I have health issues that keep me from working. We both receive SS. We are in the process of selling our home and will rent. We hope to have $75,000 from the sale. How should we invest the money to make sure it doesn't drain away. We will need it to supplement our monthly income a little, too. Advice appreciated!
 

That's a complicated question.

I would encourage you to seek professional advice from someone familiar with your situation.

If $75,000.00 represents your life savings, I would focus on reducing living expenses to fit comfortably within your current retirement income instead of investing/risking your nest egg to create additional income.

Also, consider using a portion of the money to prepay funeral expenses, create an emergency fund, etc...

If the money will eventually be used for basic needs, like replacing a vehicle, it may be wise not to invest/risk the money in anything more complicated than a ladder of low-yielding certificates of deposit at your local bank.

Good luck!
 

Last edited:
Welcome-welcomeBlue2525252520Rose_gif (275×284).gif@dmscotlass HAPPY you found SF. You'll find lots of sharing, learning, and support here. You have a lot of important decisions to make......a financial advisor would be worth talking to. ENJOY your time here.
 
  • Like
Reactions: Lee
dmscotlass said:
My husband just turned 70 and is working 30 hours, I have health issues that keep me from working. We both receive SS. We are in the process of selling our home and will rent. We hope to have $75,000 from the sale. How should we invest the money to make sure it doesn't drain away. We will need it to supplement our monthly income a little, too. Advice appreciated!
Click to expand...
Probably the best way to get a "safe" return from such a fund, might be to buy a fixed annuity, or government/municipal bonds. That amount would probably not return more than $3K a year....but at your ages, trying to put it into any stock market investments might see those funds risking getting wiped out.

There are "I Bonds" available that currently return about 7%, but purchases are limited to $10K a year. In today's world, with rampant inflation, an extra 3 or 4K dollars would barely pay the monthly grocery bill.
 
I like the kind of financial advice that folks have given above. Seems quite sound. Best of luck. Take care.
 

You must log in or register to reply here.

Back
Top