My husband is leaving me $350,000 in his will. I collect about $20,000 total annually from my Social Security and pension. I have more than $500,000 in my savings and investments. Can I expect to live out my life in good financial health?
Please help me. I am a 68-year-old woman married 17 years to the love of my life. Our finances have always been separate, and I signed a prenuptial agreement acknowledging that his son will inherit his estate held in a living trust . I get our home, and he is leaving me $350,000 in his will.
I get Social Security and a pension, and now collect about $20,000 total annually. I have been an ambitious saver and now have reached about $350,000 earning good money on my mutual funds. Other stock is worth about $20,000, and I have a 457 account worth $65,000. I have $60,000 in savings and $20,000 in checking currently.
To get to your answer, you’re going to have to do some serious analyzing of your current and expected future expenses. Keep in mind, though, anything can change in a few years, or even a year, so be flexible when you map out your finances for the future. A note about your investments: Advisers use this bucket approach with investments, in which case it is common to see intermediate- and long-term needs invested with more risk. You mention your savings are taking on a lot of risk right now, however, and you should consider speaking with a financial adviser — even one where your money is housed — to see whether that is the right asset allocation for you. If you’ll be living on a fixed income, you can’t afford to lose too much in your portfolio.
You mentioned you didn’t have long-term-care insurance. This can be very expensive, especially since you’re a little older than the typical “ideal” candidate . It could make sense for you so it doesn’t hurt to look up some policies, but know that there are other options for you as well, such as hybrid policies that could offer long-term care to you and a possible death benefit to your siblings.
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