Submitted by FisterAct t3_z6499c in personalfinance
I am 27. She is 50. My parents divorced when I was 15 and she's never been good with money. We were flat broke after the divorce for years b/c dad didn't pay child support. He currently still dodges paying. We've joked about how I'm her retirement plan.
Except it's not a joke. I make very good money now, probably enough to actually support her by the time she retires.
What account(s) should I start putting money away into to try and prepare? Is there a such thing as a trust fund for a 50 year old? I can't do an IRA because that's when I turn 59.5. Please advise.