[Kathy]

What should he do with only 5,000 of it and not touch it for 20 years? It’s not a lot we’re older and never had they kind of money at that age. He lives at home he brings home about 680.00 a week he has 5,000 in his checking account.

Same job for 5 years. Job doesn’t offer any retirement benefits. He will inherit our home which we owe 97,000 valued at 385,000.

My husband is 66 still working has about 200,000 in 401 k that our son will also get. We want to make sure he is set up for finical security.

I know this isn’t a lot of money but any advise would help we are not rich people but want more for our son. He is a great help to us.

He is high functioning autism drives, works for the same landscaping company and will continue this type of work. Thank you I will answer questions as much as I can.

Thank you

[Frank]

Put it in a Roth IRA in a basic index fund like VTI. In fact, if he likes rituals, it would be a good idea to set this up where he is transferring some amount of money into it every week or month and then buying the fund. Use Fidelity — he could even do this on his phone if he likes that, or you can do it together at a computer. If he wants two funds use VTI and VIOV.

You need to start building out a small network of accounts for him that include an IRA and regular brokerage account. Start giving him some of the money he will inherit NOW, while you are alive, so he can learn how to handle it. It does not need to be a lot. You need to get some systems in place.

Don’t miss: Which would be better for my 20 year old son, a Roth IRA or contributing the max to his IMRF?

[Christine]

I honestly can’t believe some of the responses on here! This is a family trying to do their best, having to deal with problems a lot of us are lucky to not have to experience.

It is not always easy to ‘just get a higher paying job’ or gain qualifications.

So much negativity. I know this group is for those wanting to better themselves, but at the same time it is possible to be rich in other ways and people’s worth should not be based entirely on their bank balance.

[Courtney]

Mother here of a 26 year old with level two autism. My son is unable to work and on disability, but he is able to live alone with support.

If your son is able to live alone or will need to someday make sure he understands the day in and our work to manage life and a household. Explain to him or have someone manage your assets when you are gone. I’m explaining to my older son how to take the money I leave his brother and use a % to support his brother as a supplement to disability through an ABLE account. Your son doesn’t seem to be in this situation.

As for the money he has as long as he can work and doesn’t need disability you might consider putting it in a Roth account or a money market if he’s going to need it for an automobile or moving out.

Explore these too: I am 26 and I have a Roth IRA I max out every year that is S&P 500

[Tammy]

VTSAX in a Roth IRA or similar stock market fund, preferably ETF (not a managed mutual fund, which have higher fees). That account will be mostly earnings 20 years from now. In a Roth IRA, the earnings are not taxed.

[Laura]

Help him set up a Roth IRA with Fidelity, Vanguard or Charles Schwab. Have him invest in a low cost total market index fund or an s&p 500 index fund. Each has their own versions of each.

Then help him set up automatic deposits to this account every month up to the max for the year of $6500.

So if he wants to put money in over time instead of all in a lump sum he could deposit $3000 – 3250 at first (some funds have a minimum of $3k to start) and then make up the difference to the $6500 by direct depositing $540 per month for the next 6 months to get close to his $6500 limit for the year.

Then continue $540 per month continuing on if he can save that much each month or adjust accordingly.

[Author]

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