Q: My elderly mother, 83, just sold the family home for $300,000. The bank seems to advise her to buy expensive financial products not best suited to my mother’s stage of life. What should she do with the proceeds from the sale of her home?
How to help a parent invest in their 80s?
As she is not able to make financial decisions on her own, I’d like to have an idea BEFORE I go to the bank with her as to what would be the best solution for the money. A: You’re in a common position, Beth, advising an aging parent on their finances.
Can a adult advise an aging parent on their finances?
A: You’re in a common position, Beth, advising an aging parent on their finances. Many adult children find themselves in this role, and it’s a role they may or may not be equipped to fill. Your hesitance with trusting the bank is common as well and highlights a sad deficiency with the Canadian financial industry.
How long do old savings bonds earn interest?
Most savings bonds earn interest for 30 years, although HH bonds earn interest for 20 years, and old Series E bonds (from November 1965 and earlier) earn interest for 40 years. If you have E bonds or H bonds, they aren’t earning interest anymore; neither are EE bonds issued from January 1980 through April 1987…
What to do with mature savings bonds?
If you discover that your savings bonds have matured, you should cash them in and invest the money elsewhere. If you have paper bonds, contact your bank to see if it cashes savings bonds (not all banks do, and some will cash in savings bonds only for customers who have had accounts for at least six months).
Is it safe for my mother to invest in stocks?
And if your mother’s risk tolerance, your own risk tolerance, or your mother’s cash flow needs mean you won’t have much or any exposure to stocks with her investments, beware bank Guaranteed Investment Certificates (GICs).
