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Best use of 20K

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Best use of 20K  Reply with quote  

I am 65 years old and have a small 401K. My wife has a small one as well. I am working and must do so for 3 more years. I received 20K in a settlement and of course it has already been taxed. I will need the cash in 3 years to purchase a retirement home. Where is the best place/best way to store this money so it's easily accessible but out of my regular savings account. I considered part of it for Roth IRA on both of us but not sure if that's helpful at our age.
Thank you for ideas.
Post Tue Jul 12, 2016 5:29 pm
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Will you be selling our current home? If so, maybe you won't need to spend the $20,000.

One idea would be to invest $6500/y each of you in Roth IRAs. That money would grow tax free. But it would be better if you could keep it invested for a longer time.
Post Tue Jul 12, 2016 6:24 pm
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No need to spend so much money you can save money for your future
Post Mon Jul 18, 2016 1:21 am
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Some time ago, I had such a need too. From my point of view, the best way to keep your money, especially a large amount, is to get a reliable account in one of the best banks. I am from Germany, so I am going to open a USD account overseas. I have found a nice bank which meets all my requirements at https://www.dollarkonto.com, and everything is in process currently. I don't want to keep all my money in one place, so I guess, I will open a couple more bank accounts in different currencies and banks. It is good for me because I like travelling and living in different countries a lot.[/url]
Post Tue Jul 26, 2016 2:36 pm
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