Getting a hefty chunk of change from an inheritance is a nice way to boost your retirement savings. But is it enough to live off of when the time comes for you to retire? If you’ve received about $200,000 and you’re wondering if your windfall will put you in the “I’m set” category for retirement, you might need to check your math first. We’ll look at what to do with your inheritance, and how far it will take you in retirement.
What to do With Your $200,000 Inheritance
If you’re lucky enough to have received an inheritance from a loved one, there are many things you could do with it. If you’re hoping to stretch it far enough, you’ll want to avoid spending it. Instead, you could:
- Find a financial advisor to manage your investments
- Invest in the stock market yourself through an online brokerage
- Put it in a high-yield savings account
- Max out your retirement accounts
These options aren’t mutually exclusive, and there’s a good chance you can pursue a combination of these strategies.
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