A 71-year-old woman who recently inherited $20,000 is seeking guidance on how to best use the windfall.
"I feel lucky," she said, noting that she already has substantial savings in place.
She currently maintains an individual retirement account, a high-yield savings account, four certificates of deposit and both checking and savings accounts.
Financial experts say the decision depends on her specific circumstances, including her income needs, tax situation and long-term financial goals. At her age, considerations such as required minimum distributions from retirement accounts and estate planning may also be relevant.
