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I am 77 years old, in moderately good health, with $250,000 in cash (in an account that has ~$1.25 Million). Just wondering what this community suggest I do with that cash. Thanks in advance for your suggestions.
Buy $60,000 of physical gold. Give $25,000 to charity. Leave the remaining $165,000 in cash. Rebalance your portfolio. Nothing to see here
I am 77 years old, in moderately good health, with $250,000 in cash (in an account that has ~$1.25 Million). Just wondering what this community suggest I do with that cash. Thanks in advance for your suggestions.
Save it.....use it to live on. Be careful of folks taking advantage.
OP, you've got more years in the used column than available column.
It's your money; go enjoy it, while you still can. Uncle Sam is awaiting the news of your inevitable departure, with his hand held out.
Jane Austen said it many, many years ago:
"It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife."
Speaking as a long-married wife I'll say that the right wife or husband will be the best investment a person ever makes and the wrong one will be...greatly the opposite.
Jane Austen said it many, many years ago:
"It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife."
Speaking as a long-married wife I'll say that the right wife or husband will be the best investment a person ever makes and the wrong one will be...greatly the opposite.
Is that what you meant to say?
Or you meant if you cash in before that.
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The OP doesn't post often.
It would have helped (and still cane help if the OP comes back) if s/he'd said what they think they'd like to accomplish or what goals, if any, they had for the money.
Some of the responses have been serious, others not so much. But none can be but so helpful without more information from the OP.
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Even for myself I like the idea of the I-bonds. But I read somewhere that each one has its own account number. They'd have to be laddered. 10K one year, 10K another year, 10 K another year, etc. And I'm trying to simplify my finances not complicate them. Just don't know that I want multiple new things to keep track of.
You are correct that I don’t post much. I wanted to see a wide range of replies without narrowing the scope of the question. But since you are interested in what I want by posting this question, my reply is that I am unsure until I see what others think on this topic. I converted some holdings to cash early last year with the idea that if there a market downturn, it would be nice to have a significant amount of cash in my portfolio. But the market did not decline and I missed some significant gains with that money (Amazon being an example).
So, I got to wondering what others who are retired or nearing retirement might do with that cash. There may be a suggestion (like the one about buying $10,000 worth of bonds) that didn’t occur to me.
Jane Austen said it many, many years ago:
"It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife."
Speaking as a long-married wife I'll say that the right wife or husband will be the best investment a person ever makes and the wrong one will be...greatly the opposite.
In 40 years and probably 20 potential "spouses" none, for one reason or another, ever worked out. I did have enough sense to keep my bank accounts to myself, in the process. That IS important. And the outcome is somewhat difficult to predict. There were a lot of close calls, there. (ever date somebody where it took 6 months to realize that they spent time in the pen, yet thinking back - the clues were there all the time?) Love is a funny thing, and as a Taurus, I can tell you, good luv'n is better than a dope trip could ever be and you'll encounter willing and satisfying partners from time to time. As a rule of thumb, a guy who says "let's get out of Dodge" instead of "let's head home" is someone you should dump, handsome manly hunk or not.
My response to the OP actually has to do with denial. It's a problem with old people who still consider themselves fit as a fiddle but nearing 80. You need to rearrange your thought processes to adapt to the reality. In a sense, most stuff in your face (such as the TV or even the internet) is aimed at 40 year olds - something you no longer are, or, seem to imply that being in your 90's is guaranteed to be some pleasant walk in the park - oh, I guess it can be, but not for most. On the other hand, in these blogs, I often see 70 year olds, on yet another road to disappointment, with a "soul full of hope" obviously trying to make up for the last 50 years of mistakes and shortcomings, even though the odds are against you on many levels. That's yet another example of denial.
If stashing and hoarding your assets is something you're good at and it gives ya a little tiingle in between your legs, go ahead and do it no matter how old you are - but don't do it just because some 40 year old tells you to.
Last edited by TwinbrookNine; 12-31-2021 at 04:24 PM..
How much do you currently take from the $1+ million account for living expenses on an annual basis?
My wife and I take the RMD each year (about $40,000 to $50,000), and that usually lasts for 5 or 6 months. Then we usually take about another $40,000, give or take. We have about $85,000 a year in income aside from our investments.
My wife and I take the RMD each year (about $40,000 to $50,000), and that usually lasts for 5 or 6 months. Then we usually take about another $40,000, give or take. We have about $85,000 a year in income aside from our investments.
So you yearly spending is about 125-135K is that about right. Your 85k is pensions and SS?
Sorta like the scenario I suggested. Difference is your fixed 85K is lower than your annual expenses.
Many folks don't realize that folks with pensions are also savers and investors and can have a decent annual income like yours and a good investment addition like yours.
I would caution that your combined RMD and additional withdrawal could result in your nest egg declining faster than you may want. You may want to put cash to work to help your investments grow faster. It is two late now but opening a Treasury Direct Account either with TIN for both you and your wife or two separate accounts would have allowed you to put 40k to work at 7.12 for now withing a weeks time. That would have been 10k for each of you in 2021 and another 10k each next week. You can still do 20k next week or two.
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Nothing to see here 
