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Need advice

Posted by lillie1441 (My Page) on
Wed, Aug 22, 07 at 16:19

I am 66 and DH will be 70 in Feb.Recently DH liquidated some mineral interests.After paying off all our debts,(except our home which we plan to sell within a year or two) we will have about $70,000. that we would like to put away in something short term that would draw some interest,and that would not require us to pay exhorbitant taxes.Our annual income is between $30 and $40 thousand.We will also have to pay IRS taxes out of this but would like to put all of into something right now that would enable us take out the tax money in April without paying a penalty.We have never had money to invest in anything so are totally in the dark as to what to do.All suggestions would be welcome.

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RE: Need advice

You should ask your bank or credit union about a 6 month CD. It will give you safety from losing your principle, access to the cash with no penalty at the end of the 6 months, and a few dollars in dividends (about $1,400) that will be taxed at the same rate as the rest of your income.

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