Hi there,
So I am in my 20s - my parents are nearing 60 and immigrated here from another country in 1990. They worked for a few years in the restaurant industry and then started their own businesses. However, my dad (who is the breadwinner) did not realize he was supposed to have a separate retirement account until maybe 5-6 years ago. They had savings, and some investment in their home country, but no full-on retirement account. Now they do and he puts money in a roth IRA and American Funds each year for both of them.
Now I am wondering how social security benefits work. I am not sure how my mom did her taxes when I was growing up and may have gotten paid under the table for her business. That's the honest answer. Now I know she is technically contracted through my dad and he pays her.
To receive SS once you retire, do you have to have worked here and paid SS for a certain number of years? Does how long you worked dictate how much you make? I feel stupid asking these questions honestly, but I am wondering if I should seek a financial advisor to help me. The thing is, is that now that I have graduated college and have a stable income and retirement account, I now understand the significance of saving earlier and just want to make sure my parents have the best possible outcome. Whenever I ask my dad about it, he says they are fine but I realized I don't really think he understands the situation.
To add - they have 800 credit scores, are US citizens, are not big spenders, own their house, and are in good health.
Submitted March 08, 2019 at 06:32PM by greenteaenergy https://ift.tt/2TokK9c
