Sheryl
Thinks s/he gets paid by the post
- Joined
- Apr 6, 2004
- Messages
- 1,463
Some of you who've read my posts over the last few years know that my Dad has taught me most of what I know about investing and finance. He's always been very sharp about science, engineering, finance, etc., and good, if tedious, about explaining things like the yield curve to me.
He's now 79.5 and still managing a couple trust funds, his company's 401(k) plan, etc., and recently learned how to trade stocks on the internet.
Point of post: He's mentioned several times that he wants to give these things up when he is no longer mentally able to handle them, but is afraid he won't know when that has happened, and wants me to tell him. His fears are based on watching his own mother become unable to balance her checkbook (in her late 90's). She insisted she was doing just fine. He's afraid he will do the same, with much higher stakes.
I think Dad's still doing fine generally, but today there was a conversation that scared me a little - he said he didn't know the difference between a regular IRA and a Roth. Claimed it was because he has never had a Roth... But this seems like a simple thing that I'm fairly sure he would have been clear on a few years ago.
Any tips on how I might know that it's time to urge him to turn over the reins?
He's now 79.5 and still managing a couple trust funds, his company's 401(k) plan, etc., and recently learned how to trade stocks on the internet.
Point of post: He's mentioned several times that he wants to give these things up when he is no longer mentally able to handle them, but is afraid he won't know when that has happened, and wants me to tell him. His fears are based on watching his own mother become unable to balance her checkbook (in her late 90's). She insisted she was doing just fine. He's afraid he will do the same, with much higher stakes.
I think Dad's still doing fine generally, but today there was a conversation that scared me a little - he said he didn't know the difference between a regular IRA and a Roth. Claimed it was because he has never had a Roth... But this seems like a simple thing that I'm fairly sure he would have been clear on a few years ago.
Any tips on how I might know that it's time to urge him to turn over the reins?