Advice with small inheritance

[Mistee]

As seniors, I presume you and DH are on fixed income. Before taking any action, I suggest you get 3, written estimates of the repair work needed for plumbing, electrical and flooring.

Yes we are both on fixed incomes. Great idea about the estimates even if they are small jobs as we can still be overcharged!

I suggest you set a modest amount aside for Emergencies, I doubt your fixed income would suddenly disappear. Credit card debt is dangerous for anyone on fixed income since they [the lender] can change the terms and conditions. Recently they lowered credit limits putting many people in financial jeopardy. Now they are raising interest rates as high as 25% when the Fed is the lowest in generations.

Yes this is so important to me about having an emergency fund for the two of us. We have had to deplete ours with the children facing adversity and me having surgery which in turn ran up our prescription co-pays, etc.

The credit card debt will be the second thing out of the door as for us we would need $15K (three months worth of income in an EF) and with our fixed incomes still intact, we should be able to complete the credit card debt and take care of the repair work within two months of my receiving the inheritance. I learned we all may receive more as there are two CDs that amazingly appeared!!! (No qualms here!). We're not instant millionares, far from it, but this does mean we can breathe and have some semblance of a retirement now.



Don't invest in anything you don't understand. Anything you can add to savings whether a regular a/c or Money Market or Muni Bond can provide a financial cushion, should you need it.

Regular Money Market with my credit union is the way I am leaning. Hubby feels it would be better in there too.

Thanks again everyone!