My father is 86. My mother is 80 and has Alzheimer. They currently live independently but are beginning to struggle. This is their financial situation.
He has $340,000 in a plain Jane brokerage account.
He has $130,000 in his IRA
My mother has $130,00 in her IRA
All the above money is in about 25 large cap stocks, fairly diversified.
They own the home they are in free and clear . value about $300,000
They have $24,000 yr from social security.
He is currently drawing down about $35,000 out of the IRA's each year to live on, unfortunately now we are facing the cost of home care for my Mom so this will go up dramatically.
I have counseled that he should be out of the market, of coarse he has been making more then he is spending, he has been having a great ride. He doesn't think it is a good idea to sell.... I'd like to hear what others would recommend?
I'd love some feedback, thoughts..
He has $340,000 in a plain Jane brokerage account.
He has $130,000 in his IRA
My mother has $130,00 in her IRA
All the above money is in about 25 large cap stocks, fairly diversified.
They own the home they are in free and clear . value about $300,000
They have $24,000 yr from social security.
He is currently drawing down about $35,000 out of the IRA's each year to live on, unfortunately now we are facing the cost of home care for my Mom so this will go up dramatically.
I have counseled that he should be out of the market, of coarse he has been making more then he is spending, he has been having a great ride. He doesn't think it is a good idea to sell.... I'd like to hear what others would recommend?
I'd love some feedback, thoughts..