My mother just inherited $180,000 from her mother. Our family has never had this large of a sum of money before, we don't want to be careless with it. Most importantly we're wondering if there is a particular type of financial advisor we should look into hiring, and any other recommended advice for how to best handle this money.
Pertinent information, we are a family of three, mother (61), and 2 sons (26 and 22). We live in Illinois, mom is a public school teacher, and both sons are currently in college. Mom makes approximately $74,000 per year. She's looking at retiring in 3 years, she has a $12,000 IRA, and a pension through the public school system. She is planning on taking a part time job during retirement. We have $116,000 left on a mortgage for our townhome, at $900 a month. She pays $1100 a month for health insurance for herself and immediate family (yay public school system). All our other bills are standard for a family of 3.
One of our relatives is recommending that she start a 403b retirement fund, is this worth doing at this point in time?
Thank you for the advice!
Submitted June 11, 2017 at 02:17PM by anon4028 http://ift.tt/2ta2JK7
