Reply to Question about managing a large amount of money

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[quote=Anonymous]Stay in your current home. You are smart enough to realize that a new home will eat up more money than you're comfortable with.

Not only would I consult a financial planner, I'd also consult a lawyer. As PPs pointed out this could have implications on your SS income. Maybe you can set some of the money into a trust for your kids and for your retirement and it won't affect your current benefits.

If possible, I would most definitely put 6 months of savings into an emergency account and make it as difficult to access that money as possible. You want that buffer in case you have unexpected medical bills, you total your car, etc.

And then I'd take out a chunk, say $10k, and have that as 'fun' money. I'd honestly make it last as long as possible but let yourself and your kids enjoy it. Take a vaca, buy a new TV, get new floors/paint, buy a Macbook, something like that.

What you do NOT want to do is entrap yourself in a higher-costing lifestyle ('better quality of life') than you can sustain. Because the money is finite and you'll be setting yourself up for problems later on.[/quote]

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