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The Moneyist: I’m an unemployed widow with $600,000 saved — how should I spend and invest it?

Dear Moneyist,

I am a widow who is 63 years old. I receive $2,115 per month in Social Security and $533 per month for a pension. I have $600,000 saved. I have not been able to find work in the past five years so I am looking at the money I have as the best case scenario. I rent, but it is getting quite expensive.

Where I live it will cost $240,000 to get a modest town home. I am thinking of buying the house in cash so I will only have property taxes and homeowner association fees, and home insurance to pay monthly which will be $1,150 less a month then what I pay now.

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