glock35ipsc
Dryer sheet wannabe
- Joined
- Jul 17, 2006
- Messages
- 21
On New Years eve, my Grandmother passed away. From the initial reading of the will, my Dad and his two brothers should each receive about $50,000 each. In casual conversation, I asked my Mother where they planned on putting it. She said they would put it in their "retirement savings account". After fumbling for words, I asked "savings account??"
Turns out their retirement money (about $50,000 total, not including the possible money from Grandma, yikes!!!!) is in a savings account at their bank. I asked her for a statement, and about fell out of the chair to see that it earns a whopping 0.75% APR!!!
I have tried to find out what they had and where they had it in the past, but my Dad is a hard headed Dutchman (I know where I get it from!). He was insistant that they had it under control.
I have convinced them to let me help them shift their funds out of the savings account and do something different. I KNOW I can get them into something better.
So, I am asking for some suggestions. I should add that my Dad has owned an excavating business for 25 years or so, and when he semi-retires (as he puts it), my brother will take over the business. Dad plans on having an income of about $2500 from the business. My mother gets a pension from the Postal Service, but I'm not sure of the amount. She says that with SS she should be getting about $2500 also.
The have very little debt, house paid for, etc.
Could I get some suggestions on what to do with their money? My first thought is to go with a Roth at Vanguard, but I'm not sure how to allocate the money. I don't want to get to aggressive since they don't have alot to lose and a short time until the will be needing it.
I'm was also wondering about having them delay taking withdrawls from SS for a few years. It that a good idea?
Any suggestions on what type of vehicles to saddle their money to would be appreciated.
Thanks in advance,
Bob
Turns out their retirement money (about $50,000 total, not including the possible money from Grandma, yikes!!!!) is in a savings account at their bank. I asked her for a statement, and about fell out of the chair to see that it earns a whopping 0.75% APR!!!
I have tried to find out what they had and where they had it in the past, but my Dad is a hard headed Dutchman (I know where I get it from!). He was insistant that they had it under control.
I have convinced them to let me help them shift their funds out of the savings account and do something different. I KNOW I can get them into something better.
So, I am asking for some suggestions. I should add that my Dad has owned an excavating business for 25 years or so, and when he semi-retires (as he puts it), my brother will take over the business. Dad plans on having an income of about $2500 from the business. My mother gets a pension from the Postal Service, but I'm not sure of the amount. She says that with SS she should be getting about $2500 also.
The have very little debt, house paid for, etc.
Could I get some suggestions on what to do with their money? My first thought is to go with a Roth at Vanguard, but I'm not sure how to allocate the money. I don't want to get to aggressive since they don't have alot to lose and a short time until the will be needing it.
I'm was also wondering about having them delay taking withdrawls from SS for a few years. It that a good idea?
Any suggestions on what type of vehicles to saddle their money to would be appreciated.
Thanks in advance,
Bob