Hello,
I am a 72 year widowed female and am starting to get a handle on my finances after my husband's death.
My husband handled all of our finances prior to his death so please be patient with me if I ask basic questions - this is all new to me. I have started to educate myself by reading books from the library by Dave Ramsay, Suze Orman, and the book Rich Dad, Poor Dad. Recently my son has introduced me to Reddit and financial podcasts like Afford Anything and Mr. Mustache. I've learned a great deal from those podcasts but I find that their target audiences are usually pre-retirement and not likely to be in my age-range. I'm hoping this question can help me get more specific advice.
My current assets are as follows:
Home (owned outright): ~$330,000
Checking Account: $104,000
Savings Account: $54,000
Betterment Brokerage Account: $155,000
401k Account: $640,000 ($440,000 cash, $200,000 SPX)
Car: 3 years old, owned outright
Income Social Security: $2200 a month
Current Expenses: $1700 a month
I feel that my assets are under utilized but am uncertain about what to do to better utilize my cash. I would like to get more of my money making money for me, though I am relatively risk averse compared to younger investors due to my age. Nonetheless, I think I can invest more of my money due to owning my home outright and living beneath my means.
What would be a good way to invest my money? I'd prefer a simpler approach using ETFs and mutual funds. I'm considering the purchase of rental real estate properties but first need to allocate my 401k money first and have a plan for how to proceed.
Thank you for your patience reading this and any advice you may have!
ps: I am in good health and have a full and healthy social life. My adult children live nearby and have been helping to educate me about finances.
Edit:
My goal with the money is to be a good steward for the assets so that I can live comfortably and then pass down whatever is remaining to my children and grand-children. There are no big purchases I desire to make, other than health care expenses that I may need. I am currently healthy with no chronic or acute conditions.
Submitted May 15, 2019 at 09:49PM by young_at_72 http://bit.ly/2HlHIpV
