Background: Both parents are in their early 60's. Their income is approximately $35K a year. They are verrrry low maintenance and including rent in a HCOL area spend around 15K a year which is great. They have approximately $100K in their savings account and another $25K in individual stocks. My dad is the only one working and plans to work for the next 10 years if he remains as healthy as he is today. My mother has had some health scares and is really dependent on Medicaid.
Now that we got the background out of the way... I recently found out about their whole situation and have been put in charge of helping them sort it out... so naturally I came to r/personalfinance . While my dad is working for the next 10 years I suggested they at least max out their tIRA (6.5K each) and put those funds in a really safe Vanguard 2020 or 2030 target date account, unfortunately his job does not offer a 401k. The issue I am having is what to do with the 100K sitting in the bank and the 25K in individual stocks. Would it be a sane idea to dump all that money into taxable vanguard 2020 or 2030 target accounts? And will doing that show up as more income leading my mom to not get the benefits she needs from Medicaid?
Any other ideas as to what to do with their money would really help? And if I am a complete idiot and have no idea what I am talking about, please let me know.
P.S. I am not very knowledgeable with Medicaid but from what I understand she needs to be at a low income bracket to receive the benefits.
Submitted September 20, 2017 at 10:46AM by huntred1 http://ift.tt/2w704Tn
