Attempting to open a retirement account for my immigrant parents | did it work? Roth IRA w/ Fidelity

[@samodum63]

Thank you for sharing this, you are a good daughter! :) I have been binging all your videos and I love your perspective and honesty.

[@elisezliu]

Thank you for saying that 🥹 I’m so glad that you’re resonating w this stuff, thank you so much for watching and leaving such a sweet comment 🥰

[@terracenight27]

One reason to put a taxable account in your father’s name and manage it: inheritance. Inherited assets get a step up in basis. I think either way investing is better than not investing. The assets selected for a retired individual can be tax efficient with a little research. Long term capital gains and qualified dividends could be taxed at 0% depending on annual income. Municipal bond interest payments are typically exempt from federal taxes, and so on.

[@elisezliu]

Fascinating, such pro tips! I will definitely do a bit more research for retired individuals, thank you so much for sharing such thoughtful insights on this!

[@Albertux]

Just FYI there are some HYSA with 5%

[@elisezliu]

Wow it’s so high these days, great suggestion!

[@f430ferrari5]

As I was watching the vid, I was thinking…ummm..is your dad working? 😅 Don’t worry. Not the end of the world. I’m sure your dad does plenty for you and your family. You may be able to pay him a wage or do so from a relative and just pay them. Bottom line, you just need a 1099 issued to your dad to prove he earned that income. Just make sure it’s below the standard deduction and thus none of it is taxable. There are Roth IRA contribution limits. Best wishes.

[@elisezliu]

Whoa that’s such a clutch suggestion! I’ll do some more digging, really appreciate you sharing 😊

[@jonathanfoster2263]

the Roth has to be earned income so as long as your working and earning money you can contribute, up to 8k for him

[@elisezliu]

O interesting, I’ll look into it more but I thought he had to be the one that had to earn income if it’s under his name 😅