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Financial Planning Question – Structured Settlements

 

Q: I have a daughter who has a structured settlement that will be starting payments this year on her 18th birthday in the amount of $15,000.00 for a few years, She has a good 529 plan already with a good amount in it. She also has an investment account at Fidelity. Where would be a good place to put this money?

 

A: First off, check out our “Savings Hierarchy“. According to our belief and her ability, she should build up an appropriate emergency savings account (for now and after college) and then contribute to her Roth IRA (if she has appropriate income to allow this). Otherwise, she should go ahead and continue contributing to her investment account at Fidelity in a diversified low-cost investment mix. An easy all-in-one solution is one of Fidelity’s “Freedom Funds” that allocates according to a pre-determined retirement age.


 

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