Q&A

Paul needs a safe, tax-effective plan to ...

Make the most of a $500k inheritance from his dad

Q I am a 48-year-old relief teacher who works only one or two days a week, and I’m on Centrelink benefits. I own my own home outright and have only about $85,000 super in a growth fund and little in savings. My father recently passed away and I estimate he has left each of his four children (including me) about $500,000.

I am thinking about investing yearly in my super in a tax-effective way, and investing the rest in a managed investment fund on a growth setting to help supplement my income.

My short-term money goals are renovating the house to the tune of $25,000, doing a bit of travel and maybe making a bit of a career change. Otherwise, it’s just keeping my head down and saving for retirement, when I might trade in the house for a country property.

I would welcome your thoughts on how to manage my money to suit my goals in a safe and tax-effective way.