My dad recently retired (80) and moved into my house (in California) with his wife (55), he's been working in the middle east most his life which doesn't provide retirement benefits and living back in our home country is not desirable so he's had to save up for retirement on his own. I always assumed that he was investing his money but I just came to find out that his money is just sitting in a couple of checking accounts!
I have a couple of questions:
First, any advise on financial advisors that could help him invest his money effectively.
Second, should I be filing my taxes as head of household?
Any other help would be appreciated
Financial advise for immigrant parent
byu/Amb688 inpersonalfinance
Posted by Amb688
2 Comments
You don’t invest when you are 80 and retired. He can’t afford to lose that money, so he can’t afford to invest.
Use a HYSA for this upcoming needs. Try treasuries for the rest. I like inflation protected treasuries for retirees.
Your dad is 80, so I imagine his risk tolerance is very, very low. He has most of his money in a checking account, so just moving it to a HYSA paying 3.5% is an improvement.