Investing for 57 and 58 year old Parents
My parents don't have much. No investments and live paycheck to paycheck. I'd like to start some kind of account for them. They are 57 and 58. Do you have any recommendations? I think I could do about $75/month into some account. I just want to start something that way they have some funds should they need a major surgery, caregiving, funeral costs, retirement funds. Really anything.
IF you are going to be unhelpful, go somewhere else. I'm looking for actual suggestions on how to set up something should they not be able to work anymore.
I clearly care about my parents and want to do something good for them. We are not expecting handouts from my mom. I am actually trying to help her for when she is older because I will likely be the financially responsible person for her and my dad when it's time. If you have negative comments please go gripe to your own friends and family. I'm sorry for whatever problems you have in your life. However, I'm trying to find solutions to things I see as a possible problem for the people I care for and love. Go take your negativity somewhere else. THANKS.
Edit for some questions asked:
My step dad works part time at two jobs, he does have a 401K. My mother owned her personal catering business for 15/20 years and now works under the table for my husband and I watching our children. She has a 401K as well.
My husband and I are in good financial standing. We have accounts for our children that are growing well, as well as our own investments. My parents have done a lot for us and we would like to do something, even if it's small for them.
Edit #2 because these comments are getting frustrating.
- We pay my mom for childcare. She chose to be paid under the table even though I highly recommended we pay her on the books. She gets a decent pay from us.
- She has a 401K but because she is not a legitimate employee she can not contribute
Thanks for your help!