I was widowed 3 1/2 years ago. My husband was very good with investments and running our business. I have since sold the business and our home. No idea what to do with the cash!! I have not added to retirement since he died. I did buy myself a new home (no mortgage). I try to read about budgeting and investing, but it all focuses on getting out of debt and creating an emergency fund. I am debt free and live on my income. What is the next step??
Sounds like your next step is philanthropy. What a wonderful place to be!
Comfortable, I am sorry for your loss. I am married and cannot fathom what life would be without my husband. Yours sounds like he did a very good job providing for you. You don’t mention your age, but you do need to make sure your money will last throughout your life. If you have a good relationship with a fee-only financial planner, that is a good start. Figure out what you need to live on yearly, add a “oops” amount for things like home and car repairs, then figure on inflation. If you have that, or if your money is earning that or more per year, then you are golden! Some friends of mine have been supporting local museums with modest endowments and bequests, and they get free memberships with lectures, dinners, and other perks, like discounts on tours organized by the museums. Bequests that only trigger after your death make it possible to enjoy the benefits and retain income off the money for now. Colleges or other schools may also appreciate even a modest bequest. If you have children, now is the time to discuss estate planning so there are no surprises or hurt feelings later. You are in a good place, relax and enjoy.
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