My mother is approaching 60 with no income and no savings. I'd like to set up some kind of savings for her that my siblings and I contribute to

Last edited - [years] years ago

My parents come from a conservative, traditional background, so my mother left work to be a housewife and stay at home mother while my father worked. She isn't in great health and hasn't worked since she left her home country 30 years ago, so finding a job has been nearly impossible. My father makes a good amount but he mostly gives her money to pay for household needs and she's embarrassed to ask him for personal needs and wants because he doesn't treat her that well.

My father is 63 and I'm worried that if he retires things will become more difficult for her because he does not have a large retirement savings, and I want her to have something of her own to fall back on.

My 2 siblings and I are all in our 20s but single and well-off financially and so we each give her an 'allowance'. Between the 3 of us, and whatever my father gives her, she has around $500-$700 each month to spend on herself.

The problem is that she feels that she's not putting the money to great use. She mostly spends it on shopping or going out to eat and once in a while visiting her family overseas. I have no problem with this and I want her to have money to enjoy herself with, but I would also like her to have some kind of savings or investments which can be a security blanket for her within the next few years.

I wonder what the best option would be for her. Considering that she's almost 60, I don't know if starting something like a Roth IRA would be beneficial or if I should just go with a regular savings account?

I currently don't have any real living expenses except for food as my company pays for all my housing and transportation, and I'm single with a good amount of savings, so I'd definitely be willing to contribute more to her. I just want to know what the best plan would be so that it can really benefit her in the long run.

Any advice is appreciated.

Thanks

8 Answers

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I think you have to find some kind of job. Maybe remote, or something like that. I remember, when i was student, and very long time was looking for job, i found personal statement help uk , and worked remote.

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You sound like a really good daughter / son. Your mom is very lucky!

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There are many options you could do. The first thing I would suggest would to set up a bank account you and your siblings could deposit money into. This way, its all hers and she can watch her money grow. If she has a problem, just point out that it's your responsibility to take care of her now, and that if you didn't want to or couldn't, then you wouldn't.

Next get her into a hobby. Something that she loves. This way she can do something that has a tangible effect. My grandmother sews, my mother likes home improvement. This way she'll feel like the money is doing good.

Next see a financial advisor about setting up some high risk high reward stuff. The risk is high, but its too late in life to save correctly.

  • thank you for advising  ̶  chi001 [years] years ago
  • next comment  ̶  chi001 [years] years ago

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