Recently received an Inheritance from Deceased Brother Insurance Policies

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Contributor

Hi.

 

I recently received an inheritance from my brother's insurance policies and want to "consider" doing several things:

 

1.  Establish a acct (of some type) for my (2) grandsons; ages 1-yr old and 8-yrs old.  Want it to accumulate some type of interest until they are of age to withdrasw it.  Was looking at the UMTA/UGMA as an example.

 

2.  For me, start up some type of IRA acct.  I am a federal Govt employee, Age 56 (soon 57).  And "planning" to retire the next 2-yrs.  What's the better deal for me?

 

3.  I also have an existing Thrfit Savings Plan through my employer and putting in 5% which is matched!!  yeah!  should I prepare to do a "Catch-up" near the end of the year?

 

4.  Other money making ways I can place my money to accvumulate good interests for my age,  I am currently in GOOD HEALTH too.

 

Thx

 

Classy1