My parents (65f, 67m) have always been good with the money they have, and the money they made. But I worry about their future because they havent planned to much what the next steps are as they hit retirement age. My mom (65f) was forced to retire from her employer of 40 something years and has been retired now for maybe 5 months or so. She is setting herself up to collect SSI and also has 2 pensions, one from the original company and the second from the company who bought the first out. My dad (67m) and I (37m) run a factory together where he has worked for over 40 years. He is ready to retire, but hasnt started collecting SSI yet. He told me he has 250K in a 401K and I suggested to him because of the volitility of the stock market, to move that into something safer that he can draw from and pay taxes on when he uses it.
I have read a little about insurance policies that you can borrow from and still collect the interest of your premiums but I am not really familar with that whole thing.
To summarize: Mom and Dad both have income, as well as money in the bank, and in 401k, they have no debt but they dont really know much about investing and looking 10-15 years in the future with their current income and assets.
If they were your parents, what might you suggest to them they do?
Submitted September 23, 2021 at 09:03AM by Freddie_merc2015 https://ift.tt/3u6Xk7B
