DEAR BRUCE: My husband is in ill health, though not on his deathbed. If he survives another five years, he would be doing great. He has defied the odds and has a great medical team. He still works and probably will until he dies. He is not one to sit around. He is currently 67 and, though he works, collects Social Security. When he does pass, I will inherit close to $300,000 in life-insurance policies. Hopefully, I will have finished my career change in health care by then. How can I invest most of that money to maximize steady earnings? I am 55. We still have a mortgage and no savings; we also provide for my elderly mother. Thank you. -- G.I. in Delaware

DEAR G.I.: Hopefully, your husband will survive for several more years and have a decent life. Though it sounds like a lot of money, $300,000 doesn't earn much these days. If you were to put that money into a long-term CD, it would only bring $12,000 a year before taxes. You might wish to consider tax-exempt bonds. This determination will be in some way guided by how much other income you are earning.

You failed to discuss your mortgage and house details. Perhaps you should downsize so the equity in the current home would buy, mortgage-free, a smaller unit where you and your mother could live. I know these are tough choices, but I think my proposal is probably the best way to go. You also should learn more about investing. Read the business section of the newspaper, financial periodicals, take a course at the local community college. There is no substitute for knowledge -- and it doesn't come easy -- but it certainly is there to be absorbed. You must seek it out.

DEAR BRUCE: I am a 68-year-old person who is concerned about my investment account. Since June, I have lost $60,000 in the account. I receive $1,100 a month from investments and $1,300 a month from Social Security. I owe $55,000 on my house and $8,000 in credit-card debt. I would like to draw the amounts owed from my investments. If these accounts were paid off, I could survive on my Social Security without any problems. This would leave $25,000 in the investment account. I would appreciate your input. -- Frankie, via e-mail DEAR FRANKIE: You failed to tell me the interest rate on your $55,000 mortgage. If the interest is low, it may be to your disadvantage to pay it off since interest rates are going to rise sooner or later. Right now, it may be a negative proposition. In other words, you may not be getting as much on your investments as you're paying on the mortgage.

You should pay off the $8,000 debt, given the fact that the credit-card interest is almost always substantially higher than earnings on your investments. I hope you can live on the $1,300 Social Security income because your $1,100 a month doesn't seem sufficient to pay the mortgage and credit-card debt.

You also should consider downsizing your home. If it is larger than you need, you might get into a smaller unit, paying cash and banking the residual upon the sale of your home. I know this is not the best time to sell, but you could put it up for sale at a reasonable price. If it doesn't sell, nothing's lost.