Mailbag: Should I Move my Mom’s Money into Investments?

Today’s Prep:

Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.

(Click the featured times below to jump forward in the episode)

Equipping Points:

William in Waukee is 62 and his wife is 58, married with no kids. They wonder why they keep working but don’t feel like they are wanting to retire. Eric says you might have a preconceived notion about what retirement is. Maybe you should consider a work-optional lifestyle. What would it look like to enjoy yourselves and this time? That doesn’t mean you have to stop working, but maybe you work doing what you want to do it. With an age difference, you may have to be strategic about what accounts to draw from, but meeting with a financial advisor can help you discover what your options are.

Sophie in Altoona says her 401(k) has dropped a lot in the last few months, but she’s eligible for a rollover on a portion of that money. Should she consider the rollover to stop the losses? Eric says the reason to rollover is to get something your 401(k) doesn’t have. Remember, it takes awhile to process the rollover and you won’t know the exact date it changes. The timing is something you’ll want to talk through.

Philip in Des Moines says his 87-year-old mom keeps an embarrassing amount of money in the bank. With close to $300,000 in the bank, he is considering asking her for a loan to invest it and do something more with it. Keep in mind, you are viewing that money in a different lens than she has. It’s not your money yet, so be sure to understand her goals with what she’s doing with it.

Listen to the entire episode or skip ahead to a particular question from the mailbag.

[0:46] What if I don’t know if I’m wanting to retire?

[5:33] Should I do a rollover to stop the market losses?

[7:50] Should I move my mom’s money into investments?


Today’s Takeaway:

“There’s a difference between saving and investing. “

-Eric Peterson

Related Resources:

Building a Plan for the Long Haul

Playing the Retirement Game Show

Understanding Financial Feelings

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: Which Investment Should I Withdraw From?

September 29, 2022

Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.

Read More

Investing and Coffee

September 22, 2022

In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investor that might make them. Do you take your coffee the same style you do your investing? Which one are you?

Read More

The Different Kinds Of Annuities

September 15, 2022

To some people, an annuity is almost like a dirty word. In reality, there are a lot of different kinds of annuities, and some are better for your financial plan than others.

Read More

Financial Fortune Cookies

September 8, 2022

What small piece of wisdom can we take away and apply to our financial plan? Eric talks through five fortune cookie statements and what they mean.

Read More

The Worst Investor

September 1, 2022

Which investors will end up ahead in the end? Eric talks through the types that might look successful…until they aren’t.

Read More

What Happens in a Periodic Review With Your Financial Advisor?

August 25, 2022

Think about the taxes! Eric answers three questions from the mailbag today that all involve financial decisions with tax implications.

Read More

Mailbag: Does It Matter Who Gets What Asset in My Legacy Plan?

August 18, 2022

Think about the taxes! Eric answers three questions from the mailbag today that all involve financial decisions with tax implications.

Read More

More than Just a “Nice Person”

August 11, 2022

Financial advisors are people who want to get along with, but you probably want more than just a nice person. We talk through what you should expect with a fiduciary and when you should get a second opinion.

Read More

Mailbag: How Much is Too Much to Spend on a Forever Home?

August 4, 2022

Retirement decisions involve a lot more than just the money, but also the emotional and lifestyle decisions, too. Eric answers three questions from the mailbag from listeners making retirement decisions.

Read More

Financial Jeopardy

July 28, 2022

We play the game of Jeopardy as Eric answers financial questions on today’s show. Do you know all the answers?

Read More

Leave a Comment