Originally posted by Suesumba
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Invest it wisely! (conservatively...)
There's lots of wonderful annuities which are built especially for one's future (retirement) that one can't touch in the near future but are tax-free (or near to tax-free) if one waits like one is supposed to do until one is over the age specified - usually 65+ or 68+ - and these will take care of you for the rest of your life, even if you live until 150 years old! And you can have an assigned beneficiary (usually your spouse), so the annuity continues to take care of your beneficiary for the duration of that person's life, as well! You can't lose your money. You can't earn less than a specified amount over $XXX,XXX.00 or $XXX,XXX,XXX.00 (depends upon what kind of annuity you choose), although you can always earn more. These are guaranteed. Guaranteed. Did I say guaranteed, yet? lol
Mr Witchy and I have one. We took $100,000.00 of the money he inherited from his father when his dad passed away in 1995 (it was only a moderate portion of his inheritance) and put it into one of these annuities. Now that Mr Witchy is 67 years old, he can soon (after he turns 68 this year) take some income from it, if he chooses to do so... but the longer he waits to take from it, the more he gets from it once he finally begins to take from it. And the longer he waits, the more I'd get after he passes on and leaves me alone... I am his beneficiary, and I continue to collect, for the duration of my own life.
So, if a nobody like us, with no money, can manage - in middle age, no less! (well, Mr Witchy was then 49 yrs old; I was then 34) - to sock away $100K into such an annuity... certainly someone who earns big money - like Mary J Blige - should be able to do it!

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