FloridaJim57
Recycles dryer sheets
This will probably be my first, last, and only post on this board as I know very little about investing and really am not in a position to comment on topics as they appear. I am posting to ask you folks your advice on how to invest the money currently in my IRA with Fidelity in a money market account. I am retired one year (65 years old), married (wife of 42 years is 63 years old). We are both on Social Security. We own a small condo in Florida which is our home which is paid off. I have no debt at all. With my social security, my wife's social security, and my tiny pension, I have more than enough to meet our monthly cost of living such as food, electricity, condo monthly maintenance and annual taxes, car insurance, fun, etc. I have about $130,000 in cash in my checking and savings account. I also have about $412,000 in an IRA with Fidelity in a safe money market account. I would have had more saved up in cash, but, my wife was struck with breast cancer twice and the doctors recommended a chemotherapy mix that was labelled "experimental" which means that the insurance company would not pay for it. But, my wife is fine now, so no complaints there. I figure to take future big expenses like new car, vacations, etc. from the $130,000. Also my wife is on my COBRA plan which is about $800 a month, until she is 65 and medicare eligible. Anyway, I was looking for advice on how to invest the $412,000 in my IRA. I am getting all kinds of advice, some of it seems very risky to me. My wife and I are planning on speaking to a fee only financial advisor next month, but, I would welcome some suggestions to compare to his. i don't have any of my own. I know this is kind of long for the small amount of money I have, and for that I apologize. Thanks for reading.