Hello,
My Dad passed away almost a month ago from his battle with multiple myeloma for the past 5 years. He was an amazing father, an Army Vet, and worked extremely hard for his family. The last few months have been extremely stressful and emotional for my brother and me, I want to make the right decisions with the inheritance insurance money + money we'll receive from his house being sold.
My brother and I have been going through his finances to see what needs to pay off, gather information for life insurance policies, and his house to be sold. I don't have exact numbers yet, but I wanted to get some advice on where to put this money because I don't want to be foolish about it in the coming months.
These numbers would be what I estimate would go to me, since we are splitting everything 50/50.
Life Insurance - ~$20k-25k
(estimated because I'm not sure if there are any fees that have to be paid out, plus some of the money will be going to the lawyer that's helping us.
House - $30k-$40k
(estimated based on what we think the house will sell for, the bulk of the money will be to pay off his mortgage and credit cards, that's why it looks like I'll be looking around that amount).
Total - I'm probably looking at between 50k-60k possibly.
About me:
Age 40
$79,835 Total Savings
$28,684 - ROTH IRA (FXAIX)
$45,548 - Rollover IRA (FSKAX)
$5603 - 401K (Blackrock Russell 1000(R) Index M
Debt:
$31,105 - AES Student Loan @ 2.75% (mo. payment $264)
2019 Contributions
Roth IRA $300
Question(s):
1. Pay off loan and invest the rest?
2. Keep making payments on the loan and invest the lump sum?
A. Regardless of what option I do above, how should I go about investing the rest? This money isn't necessary to have right now or within the next 10 years. I'm looking to hold for the long term.
Thank you for any advice & Happy 4th of July :)
-Phil