An aging man with no retirement savings looks to his sister for help with an inheritance. How can she help him grow it into a nest egg and keep him from spending it?
Dear Liz: My brother is 54 and has always worked low-wage jobs. He owns a condo thanks to the help of our parents, and his monthly expenses are very low. He's in a stable position. He does not have any retirement savings or really any other savings to speak of. Recently, he came into an inheritance of $62,000. He has asked my sister and I to help him make that grow and be secure until he retires and chooses to draw on it.
Another option is to buy certificates of deposit to tie the money up for a set period of time. He can break into the CDs in an emergency but would have to forfeit some interest. He can take more risk with his retirement funds, as he is likely at least a decade away from retirement. One option is to invest in a low-cost target date retirement fund, which gradually gets more conservative as the retirement date approaches. Your brother can contribute up to $7,000 this year to an IRA or a Roth IRA.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What We Talk about When We Talk About RomantasyWhat makes a story a romantasy? And why is this subgenre suddenly everywhere? We take a look at the many pieces of this popular trend.
Read more »
Hasan Minhaj, Elizabeth Warren Talk Age vs. Policy Making, Government Thirst Traps in New Talk ShowIn a new episode of 'Hasan Minhaj Doesn't Know,' the comedian spoke with Senator Elizabeth Warren.
Read more »
Judge: No talk about 'hush money,' other kids in Jerry Jones trialA federal judge ruled Tuesday on what matters could not be discussed in front of the jury during the trial on Dallas Cowboys owner Jerry Jones lawsuit against...
Read more »
Judge frees Trump to talk about witnesses, jury after conviction in New York hush money trialFormer President Trump will presumably appeal Thursday's decision.
Read more »
JD Vance came to Alabama in 2018 to talk about money and opportunityBefore he was Republican Vice Presidential nominee, the 'Hillbilly Elegy' author came to Birmingham.
Read more »
Judge alters Trump’s gag order, letting him talk about witnesses, jury after hush money convictionA judge has modified Donald Trump’s gag order, freeing the former president to comment about witnesses and jurors in his New York hush money criminal trial but keeping court and prosecution staff off limits. Judge Juan M. Merchan issued his decision on Tuesday. Trump’s lawyers had wanted the gag order fully lifted.
Read more »