My parents got 100k cash from selling their house after the outstanding mortgage was paid off. My dad is retired and gets only social security and is 68. My mom is retired and has zero income and is 59. They currently live in senior housing and pay minimal rent. They used all their savings on failed businesses back in the day and have no IRA or ROTH or any investments. They were self employed with minimal knowledge on what to do with their money. Now, they told me that they want to put the 100k in something that can help them out as they age. They said maybe put them all in 5 year CDs with current rate of 3.00% APY. Is this the best thing to do with their money? Can anyone give me advice if there is better options such as mutual funds, stocks, bonds, etc. How do I get started for minimal cost? Can they be taxed? If so, what is the best investment to make at this age while avoiding Uncle Sam taking it all through taxes?
TL:DR: Parents have 100k cash and want me to help them invest it in something. Where is the smartest place to put their money? Thank you to all that answer.
Submitted August 09, 2018 at 07:40PM by sassynerd101 https://ift.tt/2KG7umY
