My Spouse and I have recently received around $200,000 from a settlement and need to leverage this windfall to generate monthly income over the rest of our retirement. Spouse #1 is 70 years old and currently receiving social security ($1,500), Spouse #2 is 66 years old also receiving social security ($1,200) and a small monthly pension ($600). Combined savings prior to recent windfall is approximately $50,000. We own our home with no mortgage and our vehicles are paid off. We have no debt but we do have some home repairs that we would like to complete over the next year. Our regular monthly expenses are less than $2,300.
What is the best type of account to use to save the $200,000, earn interest, and easily be able to transfer monthly deposits to our checking account for regular expenses as needed. Should this money be invested? Should I just look for a high interest savings account? Thanks for your guidance.
Submitted February 17, 2019 at 11:42AM by TRWQ8675 http://bit.ly/2DQsExB
