Should state that I know nothing about finance, and am sadly 51 years old. I realize I should've been paying attention to this 30 years ago but of course 'money doesn't matter to me' then. I am of course realizing after years of financial ups and downs (mostly downs) how stupid that was.
I've inherited a pretty good sum of money (low 7 figures). I'm doing quite a bit of research into the 'windfalls' category about what I should do. One of the aspects is the IRA I've inherited.
At the moment it's an inherited IRA and of course only earning .15% which is ridiculous. I'm reading that I have to change it to a traditional IRA in order to be able to put $7k a year into it (or more since I'm technically self-employed). I'm being told I should come up with an investment strategy for this account, but unsure where to begin. Bonds? I'd appreciate any suggestions, as well as suggestions into what I should be learning at this point in my life.
Submitted May 21, 2019 at 09:18AM by ReMoneyQuestions http://bit.ly/2WWpkt5
