I am about to inherit some money - should I put it into super or invest it?

Q.

I am 60 years old, and in excellent health. I am self-employed with an expectation of an income of $90,000 gross next financial year. My gross income this financial year will be about $120,000. I have $210,000 in super, and I have a young family to support until I'm 70. I recently inherited $350,000 in cash, and a house which is on the market for $320,000. I do not own a house, but don't want to live in the inherited house. Should I put all of next year's income into super, and live off my inheritance, or should I invest the inheritance, and put less into super? What other options would you suggest?

The maximum you can place into super as a tax deduction is now $50,000 and I suggest you do this. You could then take advice about investing the balance, but bear in mind you can place $50,000 into super as a tax deduction each year until June 2012.