If $100,000 suddenly arrived in the mail, most seniors say they would bank it.
Researchers at Financial Freedom Senior Funding Corp., Irvine, Calif., a reverse-mortgage lender, have shared that finding in a summary of results of a survey of U.S. residents ages 62 to 75.
About 55% of the participants said they would put a windfall into a savings account or certificate of deposit.
Many participants gave more than one answer.
Here are some of the other answers participants gave:
- Pay off debt (48%).
- Give some of the money to charity (41%).
- Invest the money in conservative, low-risk investments (41%).
- Give the money to children or relatives (24%).