The simplest approach would be to invest in stocks. They are "passive" investments. All you you have to do is open up an account with a mutual fund company (Vanguard, State Street, etc) and tell the mutual fund company that you want to invest all of your money in their S&P 500 index fund. This would automatically diversify your money among the largest 500 companies in the US for a very low cost. People who are really interested in finance might prefer to choose their own stocks, however if you are not that type of person, then I'd stick with the index fund.
Historically, index funds have earned around 10% annually on average. I'm not sure how long you have until you plan to retire, but here's what would happen to your 75k after 35 years:
FV = PV * (1 + i)^n
FV = 75,000 * (1 + 10%) ^ 35
FV = $2,107,682
Having an extra $2.1 million laying around should help you cover some of your expenses during retirement. If you decide to go the stock market route, consider talking to a financial advisor who knows stuff about taxes. You want to come up with a tax efficient solution, and you probably want to start setting money aside into low risk investments (like bonds) as you approach your retirement date. A financial advisor can help figure this out.
Other options are out there like investing in property or starting your own business. I would only recommend starting your own business if you have a great idea that you are passionate about, otherwise your likelihood of failure could be high. Real estate is a good option as well, however it is a bit more involved than just sticking your money into the stock market. You will need to buy property, maintain it, find tenants, etc. but it can be a very financially rewarding investment as well.
Good luck with your decision, if all else fails - talk to an advisor.
So I'm getting 75,000 off of an accident a few years back.(Death I'm family). I honestly wouldn't know what in the world to do. Invest in property/properties, business, stocks. Any advice would be greatly appreciated.
