Question by Pete: How to deal with proceeds from a house sale?
My father just sold his home and moved into a retirement home.
He needs about $ 3,500 per month. He receives $ 900 in social security so he would need to draw out $ 2,600 per month.
He just received a small 6 figure amount from the house sale. His only asset and hopes to live at least 5 years at the care home (he is 85).
What do I do with that money? just put it into CD’s or buy an annuity?
I’m being told by one company that I should put it all in an annuity that will pay him the $ 2,600 but would not earn any interest.
The benefit would be that if his health declined and he was placed in a nursing home, that money would be protected for his heirs and he would use medi-cal for the nursing home.
I just want to stick it in the bank, earn him some interest and hope he stays healthy until it runs out.
What to do?
Thanks
Best answer:
Answer by PepsiLime
Be very careful with investing in an annuity, some are almost legal scams with the terms that they have. Check out with a financial attorney the terms of the annuity if that’s the way you decide to go. You know that the money will be in the bank if your dad needs or wants it. Will he be able to touch the annuity money without penalty if he needs/wants it? You could try doing laddered CD’s with a bank where the money he has would be in CD’s with different maturity dates, some in 6 months, some in 1 year, some 18 months, etc.
Give your answer to this question below!
50 Houses, Garages, Barns & Cabin E-plans Blueprints
Plans And Blueprints For Cabins, Barns, Garages, Homes, Green Houses, Workshops, Sheds, Apartments, Playhouses, Pool Houses. New High Converting Sales Page. Converts 1 In 25
50 Houses, Garages, Barns & Cabin E-plans Blueprints
How To Sell Your Home In 21 Days Or Less – With Or Without A Realtor
The Secret To Selling Your House In Just 3 Weeks Or Less In A Down Market. Easy Step-by-step Real Estate Program Is The Perfect Solution For Hard-to-sell Homes. Used By Both Realtors & Fsbo Home Sellers. Check Out The New Offline Marketing Strategy.
How To Sell Your Home In 21 Days Or Less – With Or Without A Realtor
Tennis/softball | Qb23 | {Getting Out of Debt Stop Smoking, Get Out of Debt, and Discover The Ultimate | {Thoughts With regards to Press Affect | hcg wholesale manufacturers | Handful Of Predictions Around The Upcoming Future Of online backup | Fuhrer’s | Restaurant Costs: Learning to Plan and Save | coast park home insurance | Boat House Plans | Advice on Choosing an SEO Consultant | Pruning Without Pain: The Easy Way to Prune Trees and Shrubs | Sonic Toothbrush Review For the Dentistry Requires | Thirtyfourmile | The Best green-smoke-coupons to help save money on E Cigs | stinger360 | Best comany to promote reputation and remove damaging publicity online. | Enjoy Los Angeles – The Entertainment Capital of the World
