Looking for ideas need advise.
I’m selling my business soon it should finalize in three weeks, around 12/18/20. How would you handle this portfolio.
My total net worth is about 2,100,000.00
Home 700,000
401k 200,000
Business sale
Loan on building 250,000 5% 20 years
Loan on business 200,000 5% interest only 5 years, then 5
year payoff interest and principle.
Cash payout 950,000.
Tax bill in April will be about 120k
I owe 70k on a home equity loan
No other debt.
I am 61 wife 62 she will retire next year with 1500.00 pension.
The two loans above will generate income for 20 years
We both are thinking to wait on SS until 67
Of course the big issue for me is the 950,000 minus 120k taxes and 70k home equity or 750,000.. no idea what to do with this money. It’s not a lot, not interested in too lmuch risk.
I’m selling my business soon it should finalize in three weeks, around 12/18/20. How would you handle this portfolio.
My total net worth is about 2,100,000.00
Home 700,000
401k 200,000
Business sale
Loan on building 250,000 5% 20 years
Loan on business 200,000 5% interest only 5 years, then 5
year payoff interest and principle.
Cash payout 950,000.
Tax bill in April will be about 120k
I owe 70k on a home equity loan
No other debt.
I am 61 wife 62 she will retire next year with 1500.00 pension.
The two loans above will generate income for 20 years
We both are thinking to wait on SS until 67
Of course the big issue for me is the 950,000 minus 120k taxes and 70k home equity or 750,000.. no idea what to do with this money. It’s not a lot, not interested in too lmuch risk.