If you were about to inherit a sizeable chunk of change and your spouse had a grown child?

First - I would take that trip to Europe (let's say $12K - - fly business/first class - - if you've never done it, you'll always remember it)

A near second - pay off the $70K of debt. I presume this includes your mortgage. If it doesn't, then pay off your mortgage too.

Then I would max out the 401K contribution(s) for 2013 ($ - ??) and 2014 ($23K x2 spouses = $46K if both spouses have a 401K).

Next up is to max out ROTH IRAs for 2013 and 2014 ($6500 x 2 spouses x 2 years = $26K).

That leaves you with $46K. Do you have an emergency fund of at least 6 months living expenses? If not - this is the time to make one. At 50+ years of age, it takes a lot more time and money to recover from a job loss or a health problem. Emergency savings goes in a plain old bank account. It's insurance (it's not an investment).

If you already have a healthy emergency account, invest the balance in a taxable brokerage account. Perhaps a healthy charitable contribution is in order.

What I would NOT do is start giving away money just because someone has less than you do (i.e. elderly parents or irresponsible son). You would, of course, be doing the son no favor by bailing him out (in fact - you would be hurting him).

The reason you invest all of the money for your own benefit isn't because you are "greedy" or "selfish". It's because you have a responsibility to take care of yourself first. You have no idea what is coming down the road of life - - it may be smooth - - but it is often quite bumpy. People lose jobs, people get sick, you may be forced to move, one or both of you may need long term care...... the list goes on. If you haven't done any long term financial planning, you may be surprised that retirement expenses are higher than you imagine (have you considered that everything will cost DOUBLE what it does now in 18 years?) You don't want to be caught short later because you gave away your inheritance today. (After all, you don;t think that son is going to come around and take care of you when you're sick and feeble, do you?)

Finally - I would think about how I want my assets distributed AFTER I pass. Because if your retirement is truly "comfortable" (as you say), then you are really investing this money for your heirs. Does the granddaughter get money for school? Maybe the son gets a trust fund - distributing money to him on a limited, annual basis. Maybe you simply leave your estate to a favorite charity.

Whatever "you" decide, you should go ahead and pay a financial planner and an estate planner to advise you and draw up the appropriate end of life documents. It is too easy for someone who does not have intimate knowledge of investing, tax, and estate planning to make a mistake that could easily (in this case) cost tens of thousands of dollars in forfeited tax and earnings. The VAST MAJORITY of people who receive a windfall (think lottery or inheritance) have absolutely nothing to show for it just a few years down the line. Education and some good encouraging counselors will minimize that risk.

I wish "you" the very best!

Some advisors say, give him $10,000 [or whatever] and say "That is it; not a penny more." {If husband thinks you should be generous / help out his son. But if husband is at the point of letting son sink or swim; keep your money.} [Maybe set aside some money to help the granddaughter in the future. Your choice.}

Definitely go to Europe, and make some wonderful memories. With good planning you can have a great time on a reasonable budget. Pick the area that is most appealing to you, and enjoy.

Keep your money for yourself and your husband not adult child. If you feel generous wait a year then gift your husband's granddaughter with a 529 plan contribution that you maintain ownership of. If she goes to college use the money to pay some each year to help her. You are only netting 140K so about 10K would be a wonderful help the the poor child and not bail out the jail bird.

First, do not let this 30 year old know of your inheritance. Surely,he doesn't live with you.

If you allow it, he will try to beg,borrow or !!!!! as much of it as he can, with all kinds of promises

to pay it back. That will never happen.

I would advise you to put the remainder into 5 or more year high interest deposits and allow them

to reinvest until such time as you want or need them. Split the sum up into numerous deposits

so you could cash one or more whenever you wish.

Do not waste any of your relative's hard earned savings.

the key word here is ADULT child. he has already had his chance in life to be done for and blew it. if you really want to help get him on his feet you could offer to pay tuition for a lucrative and cost effective vocational school tuition. (usually 3-5 K) I would not pay for fancy college tuition, give him cash, or pay for living expenses.

Don't worry--you AREN'T being stingy--just sensible. If you even open up so far as to let them have $5, they will bleed you dry. His son will squander anything you give him.