In this episode of the Personal Finance Podcast, we are going to answer questions on this Money Q&A about she’s 64, broke, and wants to day trade - Here's What I'd Tell Her.
Today we are going to answer these questions:
- Should my 67-year-old mom take a $100K lump sum pension or $720/month for life — and what should she do with her 401(k) and HSA?
- How does tax loss harvesting actually work — and is it worth doing?
- We found our dream home, but the seller won’t move out for months. How do we buy the house without becoming homeless in the process?
- Why use a high-yield savings account for emergencies instead of a brokerage? And how do retirement rules actually work with Roth vs. Traditional contributions?
- My 64-year-old mom is thinking about day trading to catch up for retirement. She’s been a single caregiver her whole life. What should someone in her position actually do to build financial security?
- I’m 47, contribute 15% to my 401(k), and have no Roth savings. Should I cut my 401(k) down to the match and start maxing out a Roth IRA to create tax-free income in retirement?
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