Retirement Planning/investing for income
I am 88 years old with a disabled wife 84. We are about to sell our paid off condo for 600,000. and move into an expensive care center. I will need more income than I currently need or have. Where can I put the proceeds to get the best additional needed income with safety. Most of my current assets are in the stock market in dividend paying stocks and a small IRA, and Social Security.
If the proceeds from your condo are tax free, you would definitely want to put it someplace that will generate the least taxes and provide safe income. Of course, I don't know your situation, but from what I gather, your best bet would be an immediate fixed annuity. Since a great deal of the income payments will be return of your premium and not interest, very little of it would be taxable. Also with an immediate fixed annuity, the older you are, the higher your payment will be. You can also set it up so your wife receives the payments if you die and you could even pass the balance to someone else in the event both of you were deceased.
Here's a link to a site that can give you an idea of how much income you would get and the different beneficiary designations available:
I am providing this website address for informational purposes but I am not in any way endorsing their services.
Congratulations on selling your condo and best of luck!