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Tue 17 Oct, 2006 02:22 pm
I'm going to receiving an inheritance shortly worth approx 100K. I have no other large debt. and my house is paid off, so I want this to be all for retirement.
My husband and I both have IRA's. Mine is a Roth, his is a regular. We don't want to convert his to a Roth. We can put an extra 3K in them total a year to max them out.
I was thinking of putting this 100K into a CD @ 5.5 or 6% for a 6 month term. If interest rates even come down, I'd had enough left over in interest after taxes (15% rate) to max out the IRA's and take the tax break on one and the tax free income on the other.
does this make sense to do?
I don't know an awful lot about this but I did want to bump it up so that others can see it.
Your age, and your husband's age (e. g. how close are you to retirement), plus the tax implications of the inheritance itself, are factors to consider.
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