Q&A
I AM a 69-year-old single woman. I have $270,000 in term deposits and $225,000 in super. I currently work one day per week and earn approximately $10,000 per year; however, this is unlikely to continue for a long time.
I am relatively frugal and live off my earnings, interest from term deposits and part pension. I am interested in buying a townhouse for $390,000 as I would like residential security. My rent is $300 per week and seems to continually increase each year.
I believe that buying a property would be the best long-term investment. However, my friends and family are telling me that I would be silly to buy a house and am better off having the money invested and being able to have some spending money in case I want to go on holiday, buy a new car or medical expenses etc.
Please can you help me with the best course of action. I think it would be buying the house but everyone else is telling me to invest the money. If I should invest, what sort of investments should I look at? I am relatively risk-averse; therefore security is more important to me than volatile returns.
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