Q.: I'm 56 years old and currently have about $100,000 saved. I have educated my kids, own my own business and I net around $50,000, which is about what we need to maintain our lifestyle. My mom just passed away and left me $350,000, which is obviously a onetime proposition, and I would like to make the most of it. I don't need it for current expenses. What would you suggest in terms of retirement? – L.K., via email
A.: Congratulations! You educated the kids and you own your own business. But you are 56 years old and have only $100,000 saved toward retirement.
Clearly, even with maximum Social Security, which you will not get because you're not showing enough income, you would be in a difficult position come retirement time. Your inheritance changes all that. With $350,000 added to the $100,000, this should develop enough income if properly invested.
In my opinion, you must accept a fair degree of risk, and that means investing in the marketplace. I suggest you seek out the services of two or three brokers and explain exactly which way you want to go. You are looking for growth