Best options to leave money to grown daughters when deceased.
Hi Terry I’m planning on opening a Roth IRA with fidelity and leaving it to my 2 daughters after my passing. I recently retired and Medicare is on the horizon for me at 65 in December so don’t know if I can afford the monthly contribution of an ira . Is there another investment that I could put maybe 5000 dollars in to just let it sit without funding it that would in maybe 20 years bring a nice return? Or maybe something else I can put it in with the option of funding it when I have extra money to do so?
Terry Says
I think it’s a lovely idea to plan to leave money to your daughters. BUT, I also think you will likely need the money yourself!
You can only contribute money to an IRA if you have earned income. If you earned money before you retired this year, you can still make a contribution to an IRA. If not, then you can’t make a contribution.
My advice is to leave your money in the bank and hope you don’t need to spend it before you die.
