My mom is 57 making about $69,000 per year. The problem is, she never learned how to save for retirement and now that it's dawning on her that she may not be able to retire she's getting pretty scared.
I don't know what to do for her. I maxed out my Roth IRA for the first time this year (I'm 22). Since I'm young, my portfolio consists of 91% equity.
Is it too late for her to open one up? If so, should she be aggressive with it or invest in some more bonds? She only has around $11,000 to her name (outside of her house, which she owes roughly $110,000 on). She also just took out a 72 month* loan on a used jeep wrangler, which I think is a horrific decision in hindsight. I want her to live frugally and start scrounging up any cash she can.
Is a Roth a good idea this late in the game? Any other suggestions? I fully recognize she won't be able to retire on her own and will likely live off me and my siblings in the future. What can we do between now and when she's 70 or 72 though?
Thanks a ton!
Submitted July 12, 2018 at 01:36AM by throw11223away https://ift.tt/2L6jPFx