“I’ve got $1 million in the bank, what do I do with it?” Mailbag episode
Making Cents · Frances Cook
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Show Notes
Hitting the milestone of $1 million in the bank should feel like financial freedom, but for many people approaching retirement, it’s the moment where the fear kicks in.
When a term deposit matures and you’re suddenly responsible for a seven-figure lump sum, the pressure to “not mess it up” can feel overwhelming.
That’s exactly the situation in today’s Ask the Experts episode. Our listener is 59, single, mortgage-free, and ready to retire soon, but unsure what to do with the $1 million they’ve worked their whole life to save.
EnableMe strategic coach Katie Wesney joins me to break it all down:
- how to invest a $1 million lump sum safely
- cash vs managed funds vs shares in retirement
- how long a million dollars really lasts
- how to structure money into short-, medium-, and long-term “buckets”
- and why doing nothing can sometimes be the biggest risk of all
If you have a letter you’d like us to answer, please send it through to [email protected] and you might feature on our next episode!
Links
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This podcast was filmed and produced by Fanaticals
Video editing & content production by Lana Byrne
Audio engineering by Tash Chittock