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Saving money for parents.....HOW??

i decided to put money away for my parents. My dad isnt going to be able to work much longer due to age and health. my mom would eventually start working and by the time work is too much for her i want to have sum money to help them out. They dont have any money to put aside..... How would you save money for them?? opening a savings account is an idea but i was tryin for something that would collect interest..

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Asked by chrstny88 at 10:05 PM on Mar. 7, 2011 in Money & Work

Level 20 (9,613 Credits)
Answers (7)
  • You can check with your bank, I believe there are savings accounts that can occur interest...just call the bank and find out. I think they might require a certain ammt be in the account, but Im sure there are several different ones available. Or, open a totally free checking acct... no fees involved there..... just call the bank and ask questions :)

    Answer by katieandchris01 at 10:08 PM on Mar. 7, 2011

  • You could talk to your bank about CD's and IRA's. Ask them if there are other things that are interest bearing.

    Answer by dustbunny at 10:10 PM on Mar. 7, 2011

  • How much do you really think that you can save for them? Focus on your retirement saving, and college savings for your children. Your parents will manage on their savings, social security, etc.

    Answer by rkoloms at 6:07 AM on Mar. 8, 2011

  • have you talked to your parents about this? they may have been saving or have retirement benefits you dont know about.....

    Answer by cara124 at 9:32 AM on Mar. 8, 2011

  • A Roth IRA is good but unless you know you are planning to move your parents in with you when they can no longer work you should look into getting a long term care policy for them. It will save you all money in the end

    Answer by itsmesteph11 at 9:34 AM on Mar. 8, 2011

  • Tell your mom to get a job now instead of waiting and they could put their own money aside.

    Answer by Candi1024 at 11:53 AM on Mar. 8, 2011

  • I do think a Roth IRA is a good idea- but I'm pretty certain only your parents would be able to set one up.

    It is super wise that you are planning for this. I would start by taking care of your family first. Pay off all your debts except the mortgage, and build a 3-6 month emergency fund. Then I would start looking at setting aside some money specifically to help them. That way when and if they need help you guys will be in the best place possible to help them.

    Good luck!

    Answer by Erica_Smerica at 4:54 PM on Mar. 8, 2011

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