Hi and welcome to Just Answer!As you are looking for save investments - the only guaranteed income is from bank CDs, however the interest rate offered today is relatively low and would not cover even inflation.If you already received proceeds - it is too late to defer payment. Your only option is defer tax liability - to make a contribution into IRA account. If you qualify - you may defer tax liability by contributing up to $5000 ($6000 if you are 50+).If you want to defer tax liability on future earnings - you may contribute to Roth IRA account - in this case your earnings potentially will never be taxable; or non-qualified annuity - which you need to consult with a local tax advisor.
Let me know if you need any clarification.
I am married, so my wife could also open an IRA and contribute for $6,000, as we are both over 50 years?
Regardless if she made any money this year?
The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,000 or the amount of your taxable compensation for 2011. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $6,000. The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income - see here:
If you have enough earned income, you may also make an IRA contribution for a non-working spouse.
Thanks for your help, Lev.