Any thoughts on putting about 3/4's of this sum into Mutual Funds? I'm thinking 25% in large cap growth, 50% in a 50/50 or 60-40 income/equity, and a 25% Bond fund(mostly tax exempt)? I hear horror stories about the expense involved though?
I'm not sure an annuity would be the best for me because of the rental R.E. would actually hand me about $2,500 a month after taxes in income when they're paid off while being a tax shelter over the next 8-10 years until the mortgages are paid. I could also cash out somewhere around 500-600K depending on the real estate market at that time conservatively. In a Trust this would almost act as a life insurance policy for my heirs(probably just my Son) too since they/he could sell it.
The profit sharing plan is doing pretty well and the IRA is also looking good according to this month's statement and puts me at 23K tax deferred per year at this point. Again we don't have matching contributions but I should have around another 20-25K left to invest after payroll role taxes and health insurance deductions, and beer and car modifications
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What I don't have is a lot of time....I turn 55 tomorrow and plan to work until I'm 65 at least, God willing. Any other ideas?