Personal Investments • Advice for Sister-in-law....$150k to her name. Age 64....

My humble two cents:

I would say, sorry, I don't have much to offer at this time.

If she has been emotionally and physically withdrawn for the last roughly 30 years and she is about to move away, are you really going to be able to follow along to offer ongoing advice?

If you put her in CDs and the refrigerator breaks, she is going to curse you when she has to pay the interest penalty to get cash out of the CD.

If you put her in a SPIA and CD rates go higher, she is going to curse you.

If you put her in a HYSA and she spends it all, she is going to curse you.

If you put her into CDs and she takes on credit card debt, are you going to help her unwind that?

At 64 she is likely not going to change financial habits (unless forced by an external force). I can see how you feel like you can help and you feel honored to help, but I really don't see an upside.

It seems to me that this would be a piecemeal and temporary solution to an ever-changing situation.

Does she have kids from her relationship with your brother (your nieces and nephews)? If not, I wouldn't engage.

Just my humble thoughts.

Edit for spelling.

Statistics: Posted by 5outof10 — Sat Nov 09, 2024 12:34 am — Replies 38 — Views 3631

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