My parents live separately but just sold their old house and split the proceeds 50-50. In addition, my father recently received a small inheritance from a deceased family member. I've got a basic understanding of finance and financial instruments (I'm a CPA) but I'm not super knowledgable, so I was hoping to receive some advice and insight to give them. I was thinking maybe a money market account might be a good start for them since the economy seems to be pretty volatile recently, but I'm open to all suggestions. A bit of info about each of them:
My mom:
- received roughly $25K
- in her early 60s
- currently doesn't work
- receives a monthly pension in perpetuity for the rest of her life, but it isn't enough to live on
My dad:
- received roughly $90K
- in his late 50s
- is currently working, but hopes to stop very soon
- receives a monthly pension in perpetuity for the rest of his life, but it isn't enough to live on
Sorry that this is a bit of a lengthy question, but I really want to help them as best I can and secure them financially as much as realistically possible given the money they've received. I'm all ears for any suggestions!
Submitted August 13, 2020 at 08:50PM by 4questionthrowaway https://ift.tt/30SalER
