Investment Advice for Mom

[BooBoo]

My 98 year old Mom is has nearly 100K in cash that she does not need for living expenses. Just leave it in a money market ?

 

[jazz4cash]

That’s what I would do. Maybe get spicy and put 1/2 in a 1 yr CD, preferably at a local bank/CU.

 

[pacergal]

at 98, if the MM has a good rate, I would say yes.
Easier access in case of emergency need.

 

[pb4uski]

If the money market is paying over 5%, and many are like (mine is at 5.25%), then I would say yes. Or if she is unlikely to need quick access to the money you could put 1/2 of it in a 1-year CD and leave the rest in the money market fund.

 

[GoodbyeSuit]

My 98 year old Mom is has nearly 100K in cash that she does not need for living expenses. Just leave it in a money market ?

My 95 year old mom sold her house and moved in with us, has 200k she doesn't need, or at least not right away. She has it in a Money Market to keep it liquid, she added me to the account as an authorized user, I'm her POA and Healthcare Surrogate, that way I can spend it on her if she needs it. otherwise it sits there growing with the great interest rate we were able to get.

 

[Kings over Queens]

Discover Bank, or Marcus, and call it a day.

I helped my in-laws with that. She had over 200k in her BOA checking and savings. She couldn't believe when I told her she made $1,050 in interest last month.