“I’ve got $1 million in the bank, what do I do with it?” Mailbag episode

Hitting the milestone of $1 million in the bank should feel like financial freedom, but for many people approaching retirement, it’s the moment where the fear kicks in.When a term deposit matures and you’re suddenly responsible for a seven-figure lump sum, the pressure to “not mess it up” can feel overwhelming.That’s exactly the situation in today’s Ask the Experts episode. Our listener is 59, single, mortgage-free, and ready to retire soon, but unsure what to do with the $1 million they’ve worked their whole life to save.EnableMe strategic coach Katie Wesney joins me to break it all down:how to invest a $1 million lump sum safelycash vs managed funds vs shares in retirementhow long a million dollars really lastshow to structure money into short-, medium-, and long-term “buckets”and why doing nothing can sometimes be the biggest risk of allIf you have a letter you’d like us to answer, please send it through to [email protected] and you might feature on our next episode!LinksFollow Frances Cook on Facebook, Instagram and TikTok, or join the Money Memo newsletter for a free weekly money tip in your inbox each week.This podcast was filmed and produced by FanaticalsVideo editing & content production by Lana Byrne Audio engineering by Tash Chittock