Dear Harry: I'm 85 years old. I had an old life insurance policy with a face value of $2,500 which I just cashed in. They detailed their check this way: Cash surrender value, $2,292; Dividends and interest $157; Total, $2, 449. They also told me that I owe taxes on $841. I would have received more if I died, and none of it would be taxable! You can see that I did the right thing by cashing in the policy. What do I do with that money, now? I don't need it for everyday living, but I want to do what's best.
Harry Gross: A CD seems in order
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