Consult planner about $1 million inheritance

Q: I recently inherited $1 million from a family member that is invested primarily in municipal bonds. I don’t believe that makes sense for me based on my age and risk tolerance. What should I do? — C.D., Altamonte Springs

A: I recommend that you speak with a certified financial planner to ensure that your portfolio matches your risk tolerance and investment goals based on a comprehensive financial plan put together for you. Go to fpafla.com to find a planner that can guide you on an allocation that suits your goals. — John West

Q: I was recently laid off from my job, and have been collecting unemployment and living off of savings. I have a 401(k) from my prior employer with about $150,000 in it. I have a few job prospects currently, and am fairly confident I will find a new job soon. What are my options with the old 401(k)? — H.S., Sanford

A: Some companies allow you to maintain your account as it is. If you get a new job, you may be able to roll it into your new 401(k) plan. However, your best option might be to roll it over into an IRA with a low-cost provider. This typically allows you to have more choices with your investment options. — Marisa Bradbury

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.