Better late than never: starting an investment strategy
Any proposed strategy should be built around budget requirements and life expectancy, and all unnecessary expenses should be trimmed
Q: I am 72 years old. Due to life’s difficult circumstances I used up all my life’s savings bar one last investment. Now I must figure out how to make the most of it. All I have is my house which I can sell for R2.5m. A small portion of the mortgage, R400,000, which I rebonded a few years ago needs to be settled. There won’t be agents’ fees as this will be my last sale as an estate agent. Please advise how I should use the remaining R2m, considering I need a place to live. Should I buy a small unit cash and invest in a living or life annuity? What can I do to make the admittedly way too small amount of money stretch as far as possible? I’ve been told that even at my age, I must find a small job for some extra money. Concerned, Johannesburg via e-mail asks.
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