I'm 25 and have just started researching Roth IRAs. After lurking on this subreddit I'm still deciding between Vanguard and Fidelity so please cast your votes (I'd rather be passive "set it and forget it" than hands-on). But my biggest question is how to help my mother.
I asked her about retirement accounts and she said my father never supported her in opening one because he "was providing for the both of them." For most of my life she has worked part-time jobs, she might've had fulltime work when I was very young, so I don't think she has any 401 type account. After talking to my father [60] I've gathered that he has an IRA but has never been able to really contribute to it. I'm pretty sure my parents are relying on my dad's 401 or pension plan for retirement - my parents and I don't talk much and they don't like to talk about money with me so I don't have more details.
I know my mom has money in a savings account, but she refuses to tell me how much, just that she wishes it was more and regrets not opening an IRA. I am an only child and I'm not pursuing a lucrative career, so I'm really stressed about my ability to provide for her in retirement. Both of my parents expect to work until they're 70 or they can't anymore.
Is it too late for my mom to open a retirement account? What's the best thing she could do right now? ETA: She does want to open something, so advice on what would be good at her age would be very helpful, thank you.
TLDR: 62 year old woman works part-time and has no retirement account, what should she do?
Submitted May 02, 2021 at 10:17PM by dieafox https://ift.tt/3nOCMxu
