I’m 64 and I just inherited $700,000. What should I do with it?

August 23, 2026 — 3:01am

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I have about $700,000 in cash from a recent inheritance and am unsure what to do with it. I’d like to be able to access some to help my adult children occasionally. I am a 64-year-old single female homeowner (no debt) working full-time, but I plan to reduce my weekly hours within 12 months. I have about $500,000 in super, including $340,000 invested in FY2026 through the three-year bring-forward provisions. I salary-sacrifice now to just under the maximum allowed for concessional contributions.

Upon turning 65 years old, superannuation becomes completely accessible irrespective of whether you remain working or have retired. Throughout our working lives, the primary drawback of placing money in superannuation is loss of access, so this unlock is quite significant.

With $500,000 in superannuation and the current transfer balance cap being $2.1 million, you have plenty of headroom to utilise the superannuation system.

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