<prompt> Human: I need some advice - thanks in advance!My in laws have virtually no savings and theyre both in their high 60s. They have two mortgages on the house - 1 for around 150k and the second for 35k. They recieve their income from an annuity 12k year and social security. Also note their credit score is trashed.They are about to recieve 150k from the sale of some property that was left to them from a relative. Aside from seeking professional advice, what should I advise them to do short term? I think paying down the 2nd mortgage should be first priority as its at a pretty high interest rate, but where would you look next?  <response>: If they arent asking for advice, I wouldnt give them any. I suspect they arent interested and theyve led a lifetime punctuated by terrible financial practices at a time while theyve lived in the richest country the world has ever seen as it was at its peak.If it were my in laws and they asked? Id be frank with them - theyre not really in a position to retire. Retirement happens at a income and savings level, not a given age. Theyre not able to absorb any material financial shock and their desire to remain indebted will rob them of a dignified life when they need long term care. If they wanted to get the most bang for their buck, Id tell them to pay off the second mortgage and as much as possible of the first mortgage. If they arent currently working, Id advise them to start. If they are unwilling to pay off the mortgage, they should buy a guaranteed life annuity from Vanguard or Fidelity. They are horrible with money, so I wouldnt trust them investing it. 150,000 isnt going to deliver a lot of money, but its something. 