I was on the fence about whether this should be a new thread or in the general "parenting" thread https://arstechnica.com/civis/threads/a-thread-about-parenting.1423435/
Since that thread is largely kid focused - here you go.
It's been an interesting and somewhat emotional shift over the past few years - my parents (especially Dad) are getting less and less capable. I've been spending more and more time helping out.
Today was a good day.
Background: Since they sold their house 2 years ago, they've been sitting on well over a half million dollars in cash in 0% interest accounts. They are not otherwise all that flush. Dad has a decent pension, but not enough to cover the care he needs. A fair chunk of IRA/401k money scattered across multiple providers. At least Mom has been making sure they meet the RMD requirements.
Today I went and (figuratively) hand-held Mom to move ~$450k into a 4% CD at the local bank where they already have an account. I found it really helpful to put it in concrete, easy-to-understand terms along the lines of "If we can do this, that's another $1,000 per month of expenses you have covered in the future."
Anyway, thanks for listening. It's been a real emotional adjustment.
Since that thread is largely kid focused - here you go.
It's been an interesting and somewhat emotional shift over the past few years - my parents (especially Dad) are getting less and less capable. I've been spending more and more time helping out.
Today was a good day.
Background: Since they sold their house 2 years ago, they've been sitting on well over a half million dollars in cash in 0% interest accounts. They are not otherwise all that flush. Dad has a decent pension, but not enough to cover the care he needs. A fair chunk of IRA/401k money scattered across multiple providers. At least Mom has been making sure they meet the RMD requirements.
Today I went and (figuratively) hand-held Mom to move ~$450k into a 4% CD at the local bank where they already have an account. I found it really helpful to put it in concrete, easy-to-understand terms along the lines of "If we can do this, that's another $1,000 per month of expenses you have covered in the future."
Anyway, thanks for listening. It's been a real emotional adjustment.
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