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|Subject: Dear Old Mom||Date: 12/30/1999 1:33 AM|
|Author: brewmaster15||Number: 17084 of 77101|
My mother is 59 years old, and has a portfolio worth a little over $300,000 in taxable investmets, and around $60,000 in IRA's.
She is able to work, and her income consists of earnings plus alimony. Until now, she has been able to meet her monthly budget requirements with her income.
She has begun to help fund the care for her 90+ year old Aunt. Let's assume that she will need to withdraw approximately $3150 per month for the next 5 years to cover this additional amount plus any increases in her own living costs.
All of these accounts are managed by a full service broker. The taxable assets are currently in the Palley Needleman Equity Lg. cap Value fund, and the Oppenheimer Capital Balanced fund.
My goal is to maximize growth of the assets, and allow the liquidity ("income") necessary to pay the addtional bills she will need to pay.
How could she accomplish this? Any suggestions would be most appreciated!
Also, I encouraged her to defer taking social security payments until she turns 67 if possible. She is in relatively good health, and may be able to work until then.
Last, when do Medicare and Medicaide kick in, and are they means tested, etc....?
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