Hello,
I have a parent who is disabled, over the age of 65, and now receiving social security benefits. They are unable to work for the rest of their lives.
Their 401K is drained and they have no other source of income. Though, they have a stash of CASH. Over ten thousand dollars worth.
This cash makes me very nervous as it is just sitting there and it is all they have at this point. I worry about disasters (house fires) or robbery. I suggested they should open a high yield savings account for themselves to have it secure and at least accrue interest as the money sits there unused, but they are concerned it will affect their SS income.
Does anyone else have experience or knowledge in this specific thing?
Any advice on what the best thing is for them to do and how I can help them?
Submitted March 30, 2024 at 08:16PM by OneConsideration993 https://ift.tt/sGSjWEx
