Retiree has money to invest after house sale

Q. I sold my house for $400,000 and purchased a much smaller house for $100,000. I am 59 years old and retired from the school system. Do you think I should invest in the market?

A. I certainly believe you should get into the market. Not necessarily with the entire proceeds of $300,000, but you should start becoming knowledgeable about the market or, the alternative, seek a very qualified representative from one of the larger advisory firms to help you. With that kind of money earning somewhere around 6 percent, that’s $18,000 a year. You will want someone who is an expert in this field helping you. Make sure you get some solid knowledge before you make any moves. Then move very slowly.

Q. I have a question regarding the hurricane that recently came through Florida. I have some damage to my home that isn’t covered, according to my insurance company. I am wondering, when I apply for the FEMA assistance to cover what’s not covered through my insurance company, do I have to pay back the money?

A. I sympathize. My home was in the way of this storm, too. It’s doubtful that I will have any damage covered by insurance because, even though we do have some substantial damage, it’s unlikely to exceed the $10,000 deductible by a whole lot.

With that being said, it’s a tad early to be looking for assistance. The state of Florida, as well as the state of Texas, is having a tough time getting its act together because of the tremendous volume of applications for assistance. I think you’d better sit tight, do your homework and be certain to read the newspaper every day in order to note whenever there is an announcement regarding when assistance is available, then you can get in line. I wouldn’t wait to repair the house because it’s going to be some time, if ever, until you get any assistance. The home could likely get worse unless it’s properly repaired.

Q. The past few years, my employer has offered an optional health assessment program where a third party reviews your blood work and offers recommendations on any issues found. As an incentive to join, each employee was paid $600 for participating.

The company is still offering this optional program, but if you do not participate, they will charge you $600 annually through your health plan deductions. Is this legal? Can a company charge an employee for not participating in an optional program?

A. It depends on how it’s set up, but I don’t quite see it as a charge. What they are saying is they will effectively “pay” each participating employee an encouraging $600.

By and large, I think you’re going to find it pays you to participate.

Send questions to bruce@brucewilliams.com. Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided.

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