Stocks and Investing
Stocks and Investing
Wed, January 29, 2025
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I'm 65, single and just inherited $420,000 from my mom who recently passed away. How do I make sure this money lasts?
- For some, it's about accepting a windfall late in life and trying to make the money stretch. Let's say, for example, that you're 65, single and you've just inherited $420,000 from your late mother. Considering that the median 401(k) balance among Americans 65 and over is just $88,
The article from AOL Finance discusses the financial situation of a 65-year-old single woman who has just inherited $400,000. She is contemplating how to manage this windfall, considering her current financial status which includes a paid-off home, a modest retirement account, and Social Security benefits. The woman is concerned about her financial security in retirement, especially with potential future health care costs. The article explores various options for her, such as investing the money for growth, using it to generate income, or even making charitable contributions. Financial experts suggest a balanced approach, recommending that she might consider a mix of safe investments like bonds for income, some growth-oriented investments, and perhaps setting aside funds for emergencies or long-term care insurance. The piece emphasizes the importance of consulting with a financial advisor to tailor a strategy that fits her risk tolerance, lifestyle needs, and long-term goals.
Read the Full AOL Article at:
[ https://www.aol.com/finance/m-65-single-just-inherited-123000758.html ]
Read the Full AOL Article at:
[ https://www.aol.com/finance/m-65-single-just-inherited-123000758.html ]
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