My father just submitted his retirement papers to his Laborer's Union. Besides his monthly income that he will receive, he also gets a one time $85,000 payout to be deposited into an IRA of his choice. My parents aren't the most financially literate and have already mentioned taking out a loan against the IRA for the full amount of the payout to put towards their mortgage. My mother had already cashed out her 401(k) after '08 and currently has nothing saved at age 50.
I have stressed to them that it is important to leave the money untouched. My questions to the sub are:
- What are the major points to I can bring up to advocate leaving the money alone?
- What are the best funds/financial institutions that they should invest this money in to?
Appreciate any and all help on this!
Submitted September 20, 2017 at 10:56AM by not-me223 http://ift.tt/2xRVn4B
