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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!

6 Answers

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  • Eva
    Lv 7
    2 months ago

    Open one for your own retirement, not your parents.

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  • DEBS
    Lv 7
    2 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.  

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  • 2 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.  

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    • exactduke
      Lv 7
      2 months agoReport

      Who in the Western world doesn't have a social safety net for retired seniors??  We here in the US have Social Security.  Canada & all of Western Europe also have retirement plans for their seniors.  

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  • 2 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.

    • Honey2 months agoReport

      Im not trying to "fix" anything just working with what i got

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  • 2 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.

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  • Sandy
    Lv 7
    2 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.

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