Steady in­come from $2m

Chris has health is­sues and needs a ...

Money Magazine Australia - - ASK PAUL -

Q I’m a mar­ried fa­ther of four (two teens, two preschool­ers) work­ing ca­su­ally for about $40,000 a year at the mo­ment. My wife is on a med­i­cal pen­sion of $29,000 a year. We are about to see a $2 mil­lion lump sum from a prop­erty sale that will leave us home­less. Here’s the rub ... I have a med­i­cal con­di­tion that will pro­gres­sively dis­able me over the next 10 years, even­tu­ally re­quir­ing com­pre­hen­sive care. How can I in­vest this lump sum to pro­vide re­li­able but per­form­ing in­come to house and sup­port my fam­ily well enough to get them started in life?

Hi Chris. Of the many thou­sands of emails and let­ters that I get, yours is one of the most crit­i­cal I have ever seen it terms of “get­ting it right”. There is just so much in­for­ma­tion I would need to get from you to give you the qual­ity rec­om­men­da­tion you need. Clearly $2 mil­lion is a sub­stan­tial sum but a crit­i­cal is­sue will be the cost of an ap­pro­pri­ate home for you and the fu­ture health needs of you and your fam­ily. This then dic­tates how much is to be in­vested. How long you may work for and other sup­port that may be avail­able to you are also im­por­tant to con­sider.

So what I would like you to do is to email me here at Money with your lo­ca­tion. I feel that I can best as­sist by giv­ing you the names of some high-qual­ity fee-for-ser­vice ad­vis­ers near to you. I know that many hours need to be put into plan­ning this de­ci­sion to give you and your fam­ily the best out­come pos­si­ble, and ac­cess to on­go­ing ad­vice as things change will also be valu­able.

I try very hard to give as much in­for­ma­tion as I can in my an­swers to read­ers’ ques­tions but yours needs much, much more than a few words!

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