We are VERY late to this investment game, but better late than never.
I intend to retire in May (56). DH retired last May (58)
We are/were both public school librarians.
Excellent state pension plan. Our actual take home pay is remarkably similar to pre-retirement income. (a lot of deductions no longer taken out!)
We have streamlined our budget in anticipation of this---debt free, downsized.
The only additional cost will be health insurance for around $1100/mo.
We can easily pay monthly expenses plus have several thousand/month to put into savings. We love to travel so we expect that to be our key added expense.
We will be coming into an "inheritance" next month. In-laws are dismantling some assets & distributing them now.
Our 3 YA children will each get around $250K and we will get around $500K.
We have recommended our children invest in a home, but only one of them might actually be in a position (job-wise) to do that at this time.
What recommendations do you have for them to invest if not in real estate (as the daughter of public servants that was the only real "investing" I was introduced to!)
DH & I simply want ours for emergencies...possibly to fund more travel in the future. (i.e. bucket list trip is a world cruise; our regular budget covers "normal" travel expenses)
How would you recommend we invest our "inheritance"?
(PS Someday there will be more "inheritance" but since that is completely unknown as to when, I don't even consider it!)
I intend to retire in May (56). DH retired last May (58)
We are/were both public school librarians.
Excellent state pension plan. Our actual take home pay is remarkably similar to pre-retirement income. (a lot of deductions no longer taken out!)
We have streamlined our budget in anticipation of this---debt free, downsized.
The only additional cost will be health insurance for around $1100/mo.
We can easily pay monthly expenses plus have several thousand/month to put into savings. We love to travel so we expect that to be our key added expense.
We will be coming into an "inheritance" next month. In-laws are dismantling some assets & distributing them now.
Our 3 YA children will each get around $250K and we will get around $500K.
We have recommended our children invest in a home, but only one of them might actually be in a position (job-wise) to do that at this time.
What recommendations do you have for them to invest if not in real estate (as the daughter of public servants that was the only real "investing" I was introduced to!)
DH & I simply want ours for emergencies...possibly to fund more travel in the future. (i.e. bucket list trip is a world cruise; our regular budget covers "normal" travel expenses)
How would you recommend we invest our "inheritance"?
(PS Someday there will be more "inheritance" but since that is completely unknown as to when, I don't even consider it!)