No. of Recommendations: 0
I will briefly describe and x-post elsewhere for visibility/help.

My MIL, she is all invested in 2 star and 1 star funds with high fees/12-b-1, sales loads. he "investment advisor" really is not doing her a favor here for what he is getting paid ultimately to manage her portfolio. I would like to help, but I am unfamiliar with her stage of life, 65+ as I am still in the socking the money away phase.'

Bottom line:

1. I need to invest her money to ensure minimal risk of principal.

2. We are looking at like $65,000. This is it, all she has, only SS comes in monthly and a small pension.

3. She needs a $700 payout monthly, for expenses she has.

4. I am thinking an 80/20 split between Fixed income/equities.

5. How do I minimize tax implications? I will set up a new account, I believe it is an IRA (non-roth) at present, so would I keep it as a traditional IRA even though she is not putting any new monies in?

6. Any advice is appreciated. I am thinking Schwab to manage as that is who I use at present and they have a great selection/low fees.

Help!! ;-)
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.