Investing $750k for Parents' Retirement?
Hey monkeys. My parents fortunately just inherited $750k from my grandfather who passed away, and this is the only money they have for retirement, so this was a blessing. Any thoughts on how to to invest the money for their retirement? Should I go to a financial planner, or put into some income producing mutual funds? Any books on this would be appreciated too. Thanks!
You should speak with a professional
Speak with a professional.
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It made me somewhat uneasy reading that. Almost sounded like it was a blessing grandfather passed away. Also it's unbelievable that the inheritance is the only money for their retirement. What the fuck have they been doing in terms of savings?
As for your question, don't invest it yourself because your parents will probably murder you if you fk up their only investment. Also it sounds like the more serious issue is their ability to restrain themselves from spending away that $750K in a year.
Yes it is a fucked up situation but I'd rather not get into the long story. Just trying to make the right move here so my parents don't end up on the street.
Any suggestions on finding a "professional"? I don't have much confidence in money managers.
Where are you located? It's not difficult to find and advisor, especially in a major city. Remember, not all advisors are equal and some are there to just their revenue. Others will defintley help your parents with guidance and a true financial plan.
May be you should consider investing in real estate? It will provide not only your parents with a decent pension but support even your children
This should, by no means, be actively managed by yourself. Too much risk, and if you do take hits, it gets emotional and personal for your parents. Don't know your context, but would recommend speaking with a few professionals who have an established track-record for wealth preservation, especially through economic cycles.
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