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I've found myself in the position of being responsible for my elderly mother's finances. She has 800k to her name and has to earn approximately 20k per year off of it for necessary expenses.
I have a totally different risk tolerance in my station of life than she does, so all of my knowledge kind of goes out the window.
For now I have about 300k of her money in a HYSA, earning 4%. Not really sure where to park the rest.
JP Morgan keeps hassling her about some of their managed funds. Gotta admit I'm kind of attracted to allowing them to manage it (with a 1.3% fee though). They also are pushing an annuity which I just went ahead and declined.
If I just put everything into a CD at this point, it'll more than cover her expenses, but who knows what rates will do in the future and it seems like leaving money on the table (which at her age might be fine to buy some security). Also, she'd love to maintain as much as possible to leave to her 4 children. How would you handle this?
It is! you're managing your mother's finances, not running a hedge fund
If you don't mind me asking: how old is she? What kind of health coverage does she have? Does she have any sort of pension already?
In her 70s with health problems. She has decent health coverage with medicare and a private supplemental.
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