My father recently informed me that he had withdrawn $14k from his 401k to purchase a vehicle for my mother and a vehicle for himself. From my understanding it's a loan that he will be paying back as part of a COVID-19 relief bill but it led to the question of how much he had in his account. He told me that he had somewhere in the neighborhood of $50k in his account and I about fell out of my chair. I know my parents aren't the best when it comes to finances but I didn't think it was that bad especially with retirement possibly being as close as 10 years away. Is there any advice that you would give your parents to help them be better prepared for retirement? Is it too late at this point? I don't want to scare my parents but I really don't want to see them struggling later in life. If there is any more info I can give about the situation that may help when it comes to giving advice I will do my best to provide it. Thanks to anyone who reads this.
Submitted August 17, 2020 at 07:09PM by Dezzo93 https://ift.tt/3g6LvWe
