My mom and dad have no retirement plan or savings. They are both in their 50s. Mom doesn't work due to medical reasons, but dad does. I am their retirement plan. I am 25 year old, and make good wages at about $100k/year in Maryland. I am thinking of putting aside $200/month for mom. Currentlly, I am thinking of opening Robinhood for mom, and putting in $200/month there, and buying fractional shares of SPY. Keep doing that forever. I have no better ideas than that. What is the best thing I can do for mom in this situation? Any other ideas for investing this money.
Submitted July 25, 2020 at 09:40PM by jalapenow https://ift.tt/39qWCHV
