Investing For Retirement Golden CO

Hello Young Money!

I am a college student and work part-time as a waitress. I am not eligible for my employer's 401k plan as I do not maintain 40 hours a week.

My mother (age 46) does not have a 401k plan nor any significant funds stashed for her retirement. She has sacrificed all she has earned for my sister and me to have the education she was never allowed to receive. I have been taking out money from my income with the intent to find some form of investment/savings plan where I can earn interest for her no matter how small it is.

Could you please refer me to some investment strategies? I can afford to put aside $25 a week on her behalf and then use half of my annual tax returns a year from now until 2025. How can I stretch that money for her?

Thank you sincerely for your time,

Krystal

Dear Krystal,

First, I commend you for wanting to take care of your mother in the future but I would say that taking care of your financial future might be the best way to help your mom. If you are financially strong in the future, you will be in a better position to do things like help purchase a home for your mom, help her with medical bills, etc.

She is still young and has many years of earning power ahead of her. Now that you can take care of yourself, there is a great burden removed from her financially so she can start putting money aside for herself with your assistance. The best gift you can give your mom is to learn all you can about managing money properly and investing for retirement....