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%).
- Make a major change or renovation to home (21%).
- Invest the money in stocks (17%).
- Purchase a luxury item such as a car, boat or RV(15%).
- Use it to pay health care costs (10%).
- Purchase a new home (8%).
- Donate some of the money to an alma mater (4%).
- Retire (3%).
- Other (6%).
- Just hold on to the money (3%).