steady saver
Full time employment: Posting here.
- Joined
- Apr 10, 2013
- Messages
- 505
I can handle the stress of seeing my own portfolio sink well enough, but yesterday my 89 year old dad called b/c the market was dropping and my 82 year old mom was telling him to sell everything...
At the time (I was walking out the door for an appointment) I told my mom that panic selling was the worst selling, to hang tight, not watch the news, etc.
But I am honestly at a loss as to how to advise them today.
Here's their financial situation:
They are able to meet their living expenses through a combination of SS, pension, and an annuity at roughly $5K a month. If my dad passed, it would drop to roughly $3K a month.
They have roughly $105K in CDs.
$42K in money market.
In their Vanguard brokerage account, they have:
1600 shares total of VWEHX (high yield corporate fund investor shares - essential junk bonds of which I know nothing about) - current value (changing by the minute...) - $87K
600 shares of Southern Company (SO) - roughly $31K
Dad has 100 shares of PPL - $2600
Mom's health is good though I'm starting to see some signs of aging/dementia
Dad's health not so good. They're absolutely fine unless he needs to go in a skilled living facility. Right now they have a companion sitter come in 15 hours a week. They own a patio home outright.
I tried to get Dad to give me guardianship over his finances a couple of years ago. He'd only give me access to his Vanguard account at the time. I tried to get him to change things up 18 months ago but he was stuck on those dividends, even though he was losing money on the principal. I am the executor of his estate when he passes.
What would you advise that I advise? He's willing to listen now but the cow's already out of the barn. I don't have a crystal ball and I can't make it all better.
I don't know if telling them to stay the course is the wisest thing but I don't know how to advise at this point.
Thank you.
At the time (I was walking out the door for an appointment) I told my mom that panic selling was the worst selling, to hang tight, not watch the news, etc.
But I am honestly at a loss as to how to advise them today.
Here's their financial situation:
They are able to meet their living expenses through a combination of SS, pension, and an annuity at roughly $5K a month. If my dad passed, it would drop to roughly $3K a month.
They have roughly $105K in CDs.
$42K in money market.
In their Vanguard brokerage account, they have:
1600 shares total of VWEHX (high yield corporate fund investor shares - essential junk bonds of which I know nothing about) - current value (changing by the minute...) - $87K
600 shares of Southern Company (SO) - roughly $31K
Dad has 100 shares of PPL - $2600
Mom's health is good though I'm starting to see some signs of aging/dementia
Dad's health not so good. They're absolutely fine unless he needs to go in a skilled living facility. Right now they have a companion sitter come in 15 hours a week. They own a patio home outright.
I tried to get Dad to give me guardianship over his finances a couple of years ago. He'd only give me access to his Vanguard account at the time. I tried to get him to change things up 18 months ago but he was stuck on those dividends, even though he was losing money on the principal. I am the executor of his estate when he passes.
What would you advise that I advise? He's willing to listen now but the cow's already out of the barn. I don't have a crystal ball and I can't make it all better.
I don't know if telling them to stay the course is the wisest thing but I don't know how to advise at this point.
Thank you.