early_retirement_or_bust
Dryer sheet aficionado
- Joined
- Oct 7, 2015
- Messages
- 33
Hi guys! I'm 28, have a young son, but am still helping to fund my mom's IRA. Why?
-- She's self-employed and spends the majority of her money reinvesting in her business and on taxes.
-- She's 56 but has had several small strokes over the years. Most put her in the hospital.
-- She had to clean out her annuities/retirement.
My concern is that my mom can't work forever, and I realize now how costly it'll be to support her in old age, which is why I pleaded with her to start the SEP IRA.
My questions:
1) How much should we collectively spend to fund it monthly?
2) Should she go more moderate/aggressive despite her age? She really needs growth.
3) Are there any other ways we can maximize her savings?
Sent from my iPhone using Early Retirement Forum
-- She's self-employed and spends the majority of her money reinvesting in her business and on taxes.
-- She's 56 but has had several small strokes over the years. Most put her in the hospital.
-- She had to clean out her annuities/retirement.
My concern is that my mom can't work forever, and I realize now how costly it'll be to support her in old age, which is why I pleaded with her to start the SEP IRA.
My questions:
1) How much should we collectively spend to fund it monthly?
2) Should she go more moderate/aggressive despite her age? She really needs growth.
3) Are there any other ways we can maximize her savings?
Sent from my iPhone using Early Retirement Forum