Weird question,
My grandfather recently passed, and my grandmother, who is 78, essentially received $25,000.
Would it make any sense at all to invest this money into a Roth IRA? She isn't exactly retired, as she still works part time. My understanding is she could use it like a savings account wherein she could always withdraw from it if she needs it, but it would appreciate better than just a bank savings account and help come tax time. Her heirs do not need any money after she passes, so I only care about this investment from her viewpoint. That said, is it even worth the hassle of opening a Roth?
We were also going to set her up with a reverse mortgage, so that she will be mortgage free.
Thanks for the advice.
My grandfather recently passed, and my grandmother, who is 78, essentially received $25,000.
Would it make any sense at all to invest this money into a Roth IRA? She isn't exactly retired, as she still works part time. My understanding is she could use it like a savings account wherein she could always withdraw from it if she needs it, but it would appreciate better than just a bank savings account and help come tax time. Her heirs do not need any money after she passes, so I only care about this investment from her viewpoint. That said, is it even worth the hassle of opening a Roth?
We were also going to set her up with a reverse mortgage, so that she will be mortgage free.
Thanks for the advice.
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