My mom is 55 and has a dismal amount of savings for retirement. She just started putting in the minimum match on her 401k ~5~ years ago at my urging. She has no savings and is living from month to month. I'm 22 and making far more than I'm spending, and paying 10% into my own 401k. I want to open a retirement account in her name to supplement her social security. What's the best way to do it in her name, and whats the best type of account for this situation?
Also, if she averaged 50,000 a year for the past 30 years, what can she expect from social security when it comes time to retire?
2007-01-31
15:23:06
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4 answers
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asked by
joshua_bandy
1
in
Investing