What to do with inheritance money.?

As someone close to your age I can give you some things I would consider.

My first priority would be making sure I had enough to like comfortably for the foreseeable future. We are old enough to remember the years of high inflation. I do not expect we will see double digit inflation again, but I know I want to be prepared for the possibility.

Without knowing your current financial situation, nor how large the "large sum" is, it would be difficult to say exactly how you could/should do that.

Some other considerations:

Although we are "pretty old" according another response, there are still a lot of things we can do now that we may not be able to do comfortably in ten or twenty years, Don't worry so much about the future that do not take advantage of the opportunity to spend part of the money on some of those things. Just don't overdo it.

We were lucky to have been working when workers were valued more than they are today. I see the next couple of generations ha having a much harder time thriving. Consequently I want to help younger members of my family with some minor financial assistance, but not so much that I endanger my own financial future. I figure they will, at some time, inherit the money I did not need anyway.

If I came into a large inheritance, I would not put any money that I expected to need in the next five years into the stock market. I probably would put a significant percentage of the money into bonds, with laddered maturity dates over the next ten years. Yields are not great these days, but the investments are relatively safe. Since your financial situation is likely different than mine, that does not mean I am recommending that to you.

I agree that you consult with a certified financial planner.

Not knowing your marital situation, or whether you have a pension and current adequate resources, I would definitely say, be sure you have a will or a revocable trust set up so that your money and investments go where you want them to go, after that, perhaps a vacation home or condo (with a rental agency handling it when you aren't there) is in order, someplace you enjoy AND don't forget to set up something nice for your grandkids if you have the extra money. As far as actual investments (besides the condo in Hawaii), consider dividend paying stocks which increase their dividends annually like 3M and enjoy the dividends (with a low tax rate)

It depends. Are you married? Do you have a mortgage that your wife may need help paying off if you die first? Do you have life insurance in place that would pay off or at least help pay off the mortgage? Life insurance at your age is expensive but term usually ends at age 80 and your wife could end up with no help at all. Annuities might be a good idea but, do not jump into one. Learn about them first. There are different kinds and some are not good at all. Some companies claim to do their research but they do not and will offer you a lousy 2 percent. We recently looked into this thoroughly. Other companies do their research and know the best ones going. Meet with 5 or 6 different agents before you make a decision. You will see what I mean.

What to do with the inherited money depends on how well you have provided for the rest of your life. Do you have adequate savings, pension or IRA/401K income, any debt (mortgage, credit card, etc.), life insurance, long term care, etc.? What is your risk tolerance?

Consult with a certified financial planner to see what the best direction is for you.

67 is honestly pretty old but if you have something your passionate about I'd say invest in yourself to start your own business. The company I used did everything I needed for a little over $1000. If you have children it would be great to leave to them one day. If you want the link I'll go threw my emails & find it. If not I was just reading earlier today how Uber car services value jumped from 17 billion to 40 billion in a couple months. That may be a good place to look into investing as well.

Get a financial planner to assist, assuming the inheritance is large enough. If you are asking your question here, you are way out of your depth on the subject and need a pro.

At your age you should be enjoying life

Go on vacations to places you really like to go to

Or maybe you could use that money on investing in stocks if you know a lot about stocks

If not just enjoy life

Interview a few CFPs (Certified Financial Planners), work with the one that your most comfortable dealing with. There are just way way way too many important variables to give an answer here.

You need financial advice from a Professional and somewhere where you can access it to pay future bills. No point in tying it up for years. Life is too short.

at 67 you don't want to invest in something that could possibly lose the whole thing because unless you have other sources to support you you can't re earn what you lost

I find muni bonds very helpful, they are tax free both fed and state if you buy your state's bonds, they pay dividends quarterly and you can accumulate those to buy more

you do want to notify your broker how you want them paid to your beneficiaries in case of your death