Any of you have parents who have never invested in the market or set up 401k all this time? They are very close to retirement (in a couple years) but I am shocked that they’ve kept their life savings all in a checking account😭 just found this out and don’t know what to do

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Have they asked your opinion on what to do? If not, I would not try and tell them what to do. Offer your help if they want it, but don’t push it. If they have enough in the checking account it doesn’t matter.

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Yeah seriously. It’s their business OP, they’re grown.

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My dad keeps his retirement in a gun safe because it's fire proof

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My parents set up a 401k late in life and ended up contributing the max the last few years of working (cap is higher) but it’s not a lot and they don’t otherwise invest. They know nothing about the market and have most of their money in a savings account (not HYSA). They retired this year. You’re not alone. My parents don’t have a distrust of the stock market, but they’ve worked non stop at blue collar jobs and spoke little English, so their exposure to the idea was limited. If your parents have enough, then they have enough. I told my parents that if I were them, I’d invest a small portion but am cautious about pushing them to do anything. My dad wants to keep everything in savings, my uninformed mother thinks she can pick stocks for quick cash… so I don’t want to enable risky/bad decision making. As I typically send them money on an annual basis, my plan is to simply invest well myself so that I’m better able to supplement their retirement.

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i hear this is common among parents from certain cultures, due to government trauma and distrust of banks. are they planning on retiring soon? i feel like it'll be a bit hard to teach your parents abt investing at this stage

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OP i totally agree and feel for ur parents. another reason why schools should teach students abt investing. good to hear that their house is paid in full

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Yeah, my dad has kept like 300k in cash for the last 15 years "waiting for the pullback". Did I mention he used to be a stockbroker? What a baffoon. It pains me to think of how much more money my parents would have if he used a financial advisor. Not because I expect any inheritance. It's just that dumb, inefficient financial decisions make me cringe

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Me! 07-09 did it all. Will take out cash anytime deposits go above $2k or so. Intends to survive on SS, SNAP, and eventually retirement housing. Insurance fully covered. However minimum wage job whole life, so nothing would be game changing.

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Yes mine

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