best investment for a 90 yr old
my mother who is 90 just sold her house and has a little over $100,000 what would be the best place for her to put her money. she has a small soc sec benefit and small widows pension, so she will probably be using some of this for living expenses as the years go on.
Terry Says
The ONLY place for this money is in a money market deposit account at your BANK, and maybe half in a one-year CD at the bank. This is truly “chicken money” — money you cannot afford to lose. YOu’ll quickly see that she will earn almost NO interest — but she won’t lose a penny! And that’s the most important thing.
One more thought — you should make this a joint account with her, so that if she is incapacitated, you can withdraw money for her care. And also, although you probably have done this, you need her healthcare power of attorney and living will (instructions for end of life care). The time to do that is now!
