This is a question many ask about their accident settlement money. There are many scary stories out lately indicating the growing concern that many Americans are not adequately saving for retirement. USA Today reported that up to one third of households had absolutely no savings for retirement. Regardless of the size of your settlement it should never be seen as “income.” It will better serve you if you see it as a windfall.
What you do with that windfall is entirely up to you. However, if you are concerned that you are part of the group of Americans not adequately saving you may consider speaking with a financial adviser or looking at investing and/or saving all or a large portion of your settlement. Even Kel takes the time to talk to financial advisers before investing money. If you have questions about what you should do with that money and want to speak with a financial adviser we can provide information of a couple advisers that you may call.