Best retirement account for parents?
I'm currently looking into opening a bank account of for my parent's retirement. Father is 63. Mother is 56. I'm 24 and only recently started getting my **** together.
Don't even know where/how to begin. Just looking for a few pointers, thanks!
- EvaLv 72 months ago
Open one for your own retirement, not your parents.
- DEBSLv 72 months ago
You can talk to a financial advisor for cheap who can give you better answers. The quick answer for you without knowing the entire story is a 401k or IRA, but that locks your money up to not be available to help your parents. Still an option if your parents actually have the ability to contribute now, but you seriously should talk to an expert.
- exactdukeLv 72 months ago
Where are you in the world, that your parents expect their children to support them?? And for that matter can you even afford to do this?? In the Western world, parents are supposed to support themselves.
You should have dissuaded them from this idea years ago.
- SlumlordLv 72 months ago
Why are you doing this? They should be looking into this themselves. Just taek whatever research you have done already and give it to them and let them decide what to do. You have enough problems in your own life, don't try to fix eneryone else's.
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- Pat WoodenLv 72 months ago
Call your bank and make an appointment to do this. They have all the information and can explain your options and answer your questions.
- SandyLv 72 months ago
your parents are old enough to figure this out for themselves. how much of their retirement is going toward your college tuition. get a high paying job and pay them back.