Helping Parents Out with their Investments

Posted on February 13, 2008 @ 4:35 pm

I can remember as a young adult going with my parents to the bank to get my first car loan.  They were also there when I invested my first money, bought my first stocks, and sat down with a financial planner for the first time.  They were instrumental in getting me started in my journey, and it seems fitting that I would be with them when they reached the age of retirement.

Well, it has finally come time for my parents to retire, and they have asked me to come along to help them out.  They asked if I could accompany them to a meeting with their financial advisor and accountant to help them make sure that everything would be kept straight.

We spent the better part of an hour learning about the required minimum distribution that was required for my parents to take out of their IRA account each year.  It seemed pretty straight forward (once it was explained to us) and we were given a worksheet to fill out to find out what the minimum would be for them.

The accountant mentioned some tax benefits of a Lump Sum Distribution, but that part of the discussion kind of went over my head.  We have scheduled another meeting with them in a weeks time to discuss any questions that we can think of over the week period.

I am very happy to be in a position to help my parents out with their finances – it is like returning the favor for their help they gave me.

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