Investing my mom's nest egg
April 1, 2005 8:41 AM Subscribe
Help me invest my 80 year old Mom's money.
posted by gfrobe to Work & Money (14 answers total)
My Mom has a nest egg that she wants to invest and from that investment, she wants to receive income in the form of a monthly check to supplement her social security. She was referred by friends to a financial advisor who subsequently charged her an excessive amount in commissions to sell her stock portfolio and then wanted to put her into a few load funds that he said would generate a monthly income for her. The funds seemed risky to me for an 80 year old woman and I also didn't want her to lose 5% of her principal on a load. So advisor is now gone and money is now sitting in a Schwab account.
I realize she should have an advisor but I unfortunately live outside of the US and it's difficult for me to find and screen someone for her. So what I'm looking to do is put her money into a few safe funds that will generate a modest income for her (5-6%) and automatically send her a monthly check. Can someone give me a bit of advice here? What type of funds should I be researching? And will I be able to arrange a regular check or will she need to draw it out every month?