Personal Investment & Financial Planning Q`s/What do I do with my money
I am 88, my wife 84. We have just sold our condo to live in an assisted living facility. Our current investments, annuity and Social Security net us approx 6000 per month. Our new living arrangement runs about 10,000. Where should I put the 600,000 from the condo sale to help make up the shortfall.
CDs are rediculous. I can stand a little risk. Any thoughts
Hi. The anseer to your question depends on several factors, including how much risk you are comfortable taking as well as whether or not you have a desire to try and preserve any portion of the $600,000 for your heirs. With an extra need of $4,000/month, this equates to a 8% necessary payout from your $600,000 of investments. Assuing you are able to generate a yield of 2-3% from the investments, this means you would need to earn an additional 4-5% on the investments in order to preserve the capital. With that being said, it is difficult to offer specific investment advice in a forum such as this so I would be happy to offer general advice if you would like to address the above questions and points of clarification. Thanks,