N@N

'I'm rich beyond my wildest dreams': I'm 66 and inherited $500,000. How do I make sure this money lasts?

The article on MSN Money discusses a 66-year-old individual who inherited $500,000 and is seeking advice on how to ensure this windfall lasts throughout their retirement. The person expresses a desire to live comfortably without the fear of outliving their savings. Financial experts suggest several strategies: diversifying investments to balance risk and growth, considering inflation, and possibly consulting with a financial advisor for personalized planning. They recommend looking into low-risk investments like bonds, annuities for steady income, and perhaps a mix of stocks for growth. Additionally, the article touches on the importance of understanding one's risk tolerance, setting up an emergency fund, and possibly adjusting lifestyle expectations to make the money last longer. The overarching advice is to create a sustainable withdrawal rate from the inheritance, typically around 4% annually, adjusted for inflation, to ensure financial security in retirement.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/savingandinvesting/i-m-rich-beyond-my-wildest-dreams-i-m-66-and-inherited-500-000-how-do-i-make-sure-this-money-lasts/ar-AA1x226c ]